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OK And Piers we have are
corm So we're going to have

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a roll call the start the meeting now man
clerk please call their own common Bosley

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. Kennedy Conway five.

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More. French President Carter.

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He stepped out of the right
bottom and cultured here on

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a limb and Spencer. Graeme.

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Pearman wrote present. We have
several items of business today

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the. We have several board bills as we
discussed previously we're going to go

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through and do a little kind of.
An educational piece and then

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a number of you have requested an
update on the. North side project

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and so at the end of today's session as
the last agenda item. We'll go ahead

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and go into closed session discuss that I
apologize for the short morning on that

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we have been talking about that and this
is the last meeting before we go out and I

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want to know if we had the opportunity I
want to get through and I want to call

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everybody out over the summer so it
wasn't an attempt to give everybody

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a last minute notice. But it worked out
that way. The first item on the agenda I

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thought was we could go ahead and spend

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a few minutes going through Community
Improvement District special business

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districts and transportation development
districts as I. Warned everybody before as

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opposed to me doing monologues and all
these things we thought we'd bring in some

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featured speakers and so today I'm bringing
in I've been bided the staff that I've

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worked so closely with over the years
Park Central and they're going to walk us

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through these these
development tools but way

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a backgrounder reorient ourselves what we're
talking about is ways of adjusting the

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tax to service ratios so the first set of
presentation that we had last week our

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last meeting with Bill Keeling and volved
the idea of reducing taxes to encourage

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businesses to come in this is this is
actually just the opposite this is increasing

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taxes with the idea that you can offer

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a more robust. Suite of services. By
increasing the taxes so with that

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introduction. We'll go ahead and turn it
over to the executive director of Park

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Central works got

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a girl to walk us through our home and
spend about fifteen minutes on this then

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we'll take up the board bills and. Go
into executive session after that didn't.

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Work yet. Thank you.

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OK. Great.

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Thank you again for having us. We the
part of the special taxing districts is

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a resource

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a tool that many of you aldermen may be
able to utilize in your areas in order to

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bring in additional funding to your
neighborhoods or your districts at Park Central

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were one of the remaining fifteen or so
development corporations that are left in

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the city and we do not act as. Some Something
like some of the other development

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corporations we do not do any physical
development property management instead we

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actually work on other community development
tools such as safety and security

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public infrastructure parking. Attracting
investment developers businesses

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residents to the area we now
coordinate special events and we do

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a lot with marketing and one of the things
that we've developed our niche with is

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actually implementing and then and minister
in these special taxing districts for

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a very nominal fee so our team I park
Central we actually have five staff people

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and then we usually have about four or
five in turns that assist us on these

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efforts and we're working with these taxing
districts and in fact we have Minister

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four of them currently in the seventeenth
ward and then we're working our board has

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actually approached us about working in
some other neighborhoods and districts so

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possibly helping start up in MINISTER some
other special Texan districts in other

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areas so just to give you familiar again
with the four that we currently in Mr

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Here's the central west and south special
business district and special business

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districts are really

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a misnomer special business districts
are mostly used for residential. Areas

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and Susan Anderson one of our colleagues
here Shogun going to go over exactly what

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it means for special business districts and
the difference between special business

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districts and Community Improvement districts
so here's the central west and south

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these special business districts it's a
some seven member board of directors on is

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a two hundred twenty four thousand dollar
annual budget of. Two primary expenditure

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categories safety and security and then
lighting they do some landscaping along

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with it but it's all for safety and
security purposes for that area. Here's the

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south central west and south special
business district this was one of the first

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special business districts in the city
of St Louis Susan and her son actually

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helped implement back in one thousand nine
hundred seven and again this is seven

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more member board of directors and it
brings in one hundred eighty six thousand

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dollars each year and they have three
primary expenditure categories safety and

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security public infrastructure improvements
and clean and landscaping. About eight

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years ago was that they the state actually
allowed for Community Improvement

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districts and S.B. D.S.

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To actually work together and to have an
overlay on top of each other prior to that

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if you had

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a special business district or communion
permit district you cannot have them in

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the same area so as of last year Park
Central worked with the Euclid the South

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Euclid area south of Lendl and created a
community improvement district that is

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a one percent sales tax for the area.
When the Whole Foods gets open that

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should bring in about three hundred fifty
thousand to four hundred thousand dollars

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a year that is again

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a seven more member board of directors
that has five committees associate it with

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that they have four primary expenditure
categories safety and security public

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infrastructure marketing and then cleaning
and landscaping so it is really the

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South special business. Strict was not
able to provide enough resources for the

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area so the community felt that they needed
to bring in additional funding and so

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the businesses in that
were really pushing for

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a commune improvement district in the area
so Park Central was happy to assist with

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that effort. And the group Community
Improvement District has been in place now for

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seven years. So it's

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a long Manchester in the forest park
southeast neighborhood was created in two

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thousand and eight has an eleven member
board of directors there's eight committees

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associated with it it's

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a three hundred thousand annual budget
and one percent sales tax so two hundred

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thousand of the three hundred thousand
dollars budget comes from sales tax and the

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one hundred thousand comes from the special
assessment from the properties in the

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area there are five primary expenditure
categories fifty percent for safety and

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security ten percent for public infrastructure
percent for marketing and special

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events ten percent for cleaning and
landscaping and ten percent for parking and

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again Park Central and ministers the
special business districts for about

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a six percent fee of their. Six percent
of their annual budget and for the

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Community Improvement districts it's about
thirteen percent of their annual budget

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at this point I'll go ahead and turn it
over to Susan Anderson who's definitely

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been implemented she helped implement
the south brand Community Improvement

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District and helped get off the South
Euclid community permit district last year.

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As you all know these are political
subdivisions they're voted in by the residents

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and the landlords if you
are a property owner with

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a special business district you
have a vote as a landlord It's

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a special ballot and the registered voters
and also vote at the poll so it can take

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take place at the same time the property
tax can be up to eighty five cents per one

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hundred dollars valuation but then after

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a certain time the state gets involved and
that percentage is reduced so that the

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taxpayers aren't hit too hard the potential
services are those that have been the

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best for improving the district as

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a whole it's what the neighbors have told
us they need and you can fine tune one so

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that it is dresses those needs if landscaping
is not an issue you don't have to put

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it in there. If you do you don't necessarily
have to spend the majority of your

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good portion of your money you can scale
that back and as times change you can

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address those differences.

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Were Community Improvement
District. One. Has

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a history of ready Canada and then
down in New Orleans. With the

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districts. In the city. Many
of them are sites of some of

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them are for an actual business district
like. They've grown in popularity because

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they do have the ability to have the one
says sales tax and especially on the

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property.

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Creation of this earth said is requires
two different tests that you're going to

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someone's going to be going to be. Thank
you. Someone's going to be going to the

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property owners to get their vote which is
notarized. That gives you an opportunity

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to talk one on one and really explain how
this is going to happen get there by and

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potentially

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a board member of the property or the
voters then cast their vote through

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a mail in ballot that's the only one
that I know of that is like that.

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On South Grand when we set up the said
those ballots were mailed to all of the

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residents you have to have

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a simple majority I had one person who
voted and mailed his card back so that

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approval hinged on that one ballot
because it was my fifty one percent.

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Broad uses or very similar to the S.P.D.

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So that you can have those services that
the neighbors have identified business

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owners that have identified that they
need but you can also work to attract

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businesses to attract developers

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the petition process starts with those
notarized ballots from the property owners

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then it goes back to you submitted to the
board of all the men it's established

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then the voters get their mailing
card to establish the sales tax. It's

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a lengthy and. Very tedious petition
but it makes sure that everyone gets

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a say so it's.

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You could solve. Said we had seventy
two percent approval folks there

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recognize that with the coming of more and
more businesses more and more residents

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we needed more help than what the S.P.D.

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Could provide with trash with
public safety they wanted to have

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a vent they want this to be

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a really great neighborhood with the said
that provides those funds so that we can

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do that. And of course since

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these are political subdivisions we have
the sunshine law we have to meet all of

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those requirements all the meetings are
public we post the notices must be within

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the District twenty four hours before the
actual meeting and then there are reports

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that we give to the Board of Aldermen and
to the state showing all our finances how

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we've gathered that money how we spent
it if we're restricting funds for

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a project that's coming up in the
future so we can save money for

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a larger project that is shown
as well so you can also request

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a report from the Department of Revenue
that shows each one of your tax payers the

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folks who are collecting your sales tax so
that you can see how your purchases are

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arranging so that you
can arrange your budget

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a little bit better but that's private
information only the folks that are actually

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working with those funds are allowed to
see that so we don't that's not shared

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in math and transportation district.

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OK thanks for let me talk
today my name is Matt Grimm

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a project manager at Park Central right
now Park Central does not administer any

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transportation development districts but
I'm sure you all know there are quite

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a number of them in the state of Missouri
and in the city of St Louis actually. You

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have to kind of look at them as. Similar
to Community Improvement districts in that

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they've grown in popularity since their
inception. Transportation development

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districts became law in one nine hundred
ninety in the state of Missouri. Since

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then there are hundreds in the state of
Missouri they the things that they can fund

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are different than Community Improvement
districts though the projects have to

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focus mostly on transportation
related issues so you'll see

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a lot of these in rural areas

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a lot of areas that are
right off of highway exits

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a lot of smaller cities and towns use
these as well. The projects there's

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a comprehensive list up on the end in your
packets of what they can fund but mostly

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streets highways intersections bridges
bus stops airports ports railroads light

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rail things like that. Before

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a project gets implemented it has to be
submitted to the Missouri Highway and

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Transportation Committee for approval now
if the project is not under the purview

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00:16:08,90 --> 00:16:14,02
of that commission then it has to go to the
local transportation authority who then

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will become the owner of that
transportation project. This is just it's

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very wordy but it's

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a bit about how they get implemented
transportation development districts they

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require

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a petition to be filed in the Circuit
Court of the district you have to have at

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least fifty registered voters
within the district since

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a lot of these are at off ramps or smaller
towns they may not have registered

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voters there so if that's the case
the owner of the properties they

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can submit the petition.
The district has to be

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contiguous unless the district is
being funded solely from sales tax

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just like Community Improvement District
it can be funded through sales taxes and

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00:17:03,11 --> 00:17:06,18
special assessments the rates
are a bit different but

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a lot of these transportation development
districts do. Get their funding from

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sales taxes. So there can be up to
one percent sales tax downtown St

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00:17:18,65 --> 00:17:19,64
Louis has actually

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00:17:19,65 --> 00:17:24,57
a number of transportation development
districts which are on top of Community

200
00:17:24,58 --> 00:17:29,69
Improvement District So if you see higher
rates on your restaurant bills downtown

201
00:17:29,83 --> 00:17:33,17
and maybe because you're paying two percent
more than an area that doesn't have

202
00:17:33,18 --> 00:17:34,93
a Community Improvement District or

203
00:17:34,94 --> 00:17:40,21
a transportation development district there
can be special assessments it's much

204
00:17:40,22 --> 00:17:42,30
lower then that's P.T.S. S.P.

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00:17:42,31 --> 00:17:47,39
D.'s can go up to eighty five cents per
one hundred dollars of assessed valuation

206
00:17:47,63 --> 00:17:49,80
transportation development
districts can only do

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00:17:50,27 --> 00:17:54,97
a dime per one hundred percent
assessed evaluation. And then

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a lot of municipalities and developers
like to use transportation development

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00:17:59,49 --> 00:18:05,61
districts because they can be used in
conjunction with. Tax increment financing

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00:18:05,96 --> 00:18:10,41
half of the economic activity taxes so the
sales taxes that are captured in that

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00:18:10,42 --> 00:18:15,74
one percent can be used to pay off the
bonds for the tip so again this is kind of

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00:18:16,03 --> 00:18:19,39
community improvement districts in
transportation development districts you can

213
00:18:19,40 --> 00:18:24,53
kind of view them as the third major
wave in St Louis and even the state of

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00:18:24,54 --> 00:18:30,51
Missouri economic development tools the
first it was probably property abatement

215
00:18:30,74 --> 00:18:35,97
then tax income and planting now since two
thousand and eight numbers have doubled

216
00:18:35,98 --> 00:18:39,80
for community improvement to section Chantry
transportation Velma district in the

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00:18:39,81 --> 00:18:44,71
city of St Louis so. Back to Brooks.

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00:18:47,90 --> 00:18:49,22
As I mentioned previously

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a lot of different neighborhoods and
districts have been approaching Park Central

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asking for assistance with developing

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00:18:55,52 --> 00:18:59,60
a special taxing district some of the
vise when we go in and talk with these

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neighborhoods are we go ahead over some
questions that they may want to ask

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00:19:04,44 --> 00:19:10,36
themselves before getting into the process
so one of the first things we get into

224
00:19:10,37 --> 00:19:14,59
is our constituents requesting added
services outside of the city's current

225
00:19:14,60 --> 00:19:19,74
services so this may relate back to your
constituents are you having constituents

226
00:19:19,75 --> 00:19:24,49
coming back to you and asking for added
services that the Currently the city is not

227
00:19:24,50 --> 00:19:31,46
providing. And then with that is there
an agreed upon list of services

228
00:19:31,54 --> 00:19:35,60
that you would actually be able
to you know put together you know

229
00:19:35,61 --> 00:19:42,14
a consensus based on what those lists of
services are three years ago are actually

230
00:19:42,15 --> 00:19:46,85
our predecessors Park Central and want to
head in and worked with the Forest Park

231
00:19:46,86 --> 00:19:49,06
southeast neighborhood to try to get

232
00:19:49,07 --> 00:19:53,97
a special business district passed in the
neighborhood part of it is some of it was

233
00:19:53,98 --> 00:19:55,16
talked about that it may have been

234
00:19:55,17 --> 00:20:00,40
a top down approach from Park Central to
the neighborhood so the neighborhood has

235
00:20:00,41 --> 00:20:02,87
now approaches again about
possibly looking at

236
00:20:02,88 --> 00:20:07,22
a special business district once again
and what we have said is we'd like to go

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00:20:07,23 --> 00:20:09,30
ahead and put together a committee have

238
00:20:09,31 --> 00:20:14,47
a year long process looking at some Then
like this actually work with the community

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00:20:14,48 --> 00:20:20,31
look at what are the needs the needs
assessment for the neighborhood and if the

240
00:20:20,35 --> 00:20:21,08
community is

241
00:20:21,09 --> 00:20:25,49
a you know we hear all the time it's you know
taking care of the public infrastructure

242
00:20:25,50 --> 00:20:30,68
in the parks and safety and security in
those types of issues can we go ahead and

243
00:20:30,69 --> 00:20:35,22
develop some you know friends of the
parks or you know go ahead and have some

244
00:20:35,23 --> 00:20:39,45
cleanup crew some volunteer crews that are
happening in the neighborhood and then

245
00:20:39,46 --> 00:20:44,56
after that what is left is are still
needed services that need you know that

246
00:20:44,57 --> 00:20:48,72
require funding to gold. Long with
it so the really go ahead and do

247
00:20:48,88 --> 00:20:50,51
a whole analysis for

248
00:20:50,52 --> 00:20:54,62
a neighborhood looking at all of the needed
services and what services can be met

249
00:20:54,63 --> 00:20:59,02
through volunteer work and that and then
what need to be met with additional

250
00:20:59,03 --> 00:21:05,27
funding. Looking at the numbers is there
enough sales tax in or assessed value to

251
00:21:05,28 --> 00:21:08,84
meet those require that
services so this is again it's

252
00:21:08,85 --> 00:21:14,14
a pretty easy process to go ahead and look
back at this value for the properties in

253
00:21:14,15 --> 00:21:17,100
the area so you can go ahead and look at
that eighty five cents per one hundred

254
00:21:18,01 --> 00:21:24,71
dollars and see if that would bring in
enough revenue to actually help with these

255
00:21:24,72 --> 00:21:30,48
services and then besides that you can
go ahead and go to approach the license

256
00:21:30,49 --> 00:21:35,92
collector in the state the Missouri Department
of Revenue and go ahead and say this

257
00:21:35,93 --> 00:21:38,09
is a district that we're
looking at to implement

258
00:21:38,10 --> 00:21:43,40
a sales tax here is there enough revenue
in that area they were to actually make

259
00:21:43,41 --> 00:21:44,55
sense to go ahead and have

260
00:21:44,56 --> 00:21:51,46
a Community Improvement District
there. The this is kind of been

261
00:21:51,53 --> 00:21:56,19
given in order and after this process
looking at it are there enough committed

262
00:21:56,20 --> 00:21:57,87
community stakeholders that would serve on

263
00:21:57,88 --> 00:22:01,56
a formation committee and help educate
neighbors regarding the benefits of

264
00:22:01,57 --> 00:22:07,12
a special taxing district so again you know
community development corporation or an

265
00:22:07,13 --> 00:22:10,75
alderman is not going to be able to go
out and do this on their own they really

266
00:22:10,76 --> 00:22:15,22
need to have by and for it they need to
have the community wanting this to occur in

267
00:22:15,23 --> 00:22:21,95
their area. And then with it is their
staff available to work behind the scenes

268
00:22:22,04 --> 00:22:27,16
gather petition signatures and educate the
public we have seen from our experience

269
00:22:27,17 --> 00:22:28,26
that this is really about

270
00:22:28,27 --> 00:22:33,31
a nine month to sixteen month process if
you're going to want to go ahead and get

271
00:22:33,32 --> 00:22:39,41
it accomplished and get that community buy
in for it. And then last but the thing

272
00:22:39,42 --> 00:22:43,47
to look at too it's always about funding
are there sponsor vailable for legal fees

273
00:22:43,71 --> 00:22:48,40
mailings and notices there have to be
published to public notices about the

274
00:22:48,41 --> 00:22:53,55
different hearings on that that are associated
with it and then the legal fees can

275
00:22:53,56 --> 00:22:58,83
mount to between fifteen thousand to thirty
thousand dollars to end up writing the

276
00:22:58,84 --> 00:23:03,65
petitions and getting these on the ballots
so those are things that we talk about

277
00:23:03,66 --> 00:23:10,21
with all the different areas and go over
so that concludes So we're happy to answer

278
00:23:10,22 --> 00:23:14,35
any questions Thanks Brooke I'd like to
make a couple comments and open up for

279
00:23:14,36 --> 00:23:17,97
a couple questions we don't want to take
too long because we've got folks waiting

280
00:23:17,98 --> 00:23:24,94
down for bills to be heard today and
we have orders to go through. Just

281
00:23:24,95 --> 00:23:27,94
I always like to try to
have we have these meetings

282
00:23:27,95 --> 00:23:31,29
a couple weeks go by we kind of forget
what we're doing and you know trying to

283
00:23:31,30 --> 00:23:37,59
reorient everybody. The way we got
to where we are we the city lacks

284
00:23:37,60 --> 00:23:40,86
a business plan it will be over a
year or so probably before we get

285
00:23:40,87 --> 00:23:46,66
a business plan in the interim we don't
want to just sit still and wait. You know

286
00:23:46,67 --> 00:23:51,91
for that and so in my presentation one
of the bullet points that I don't think

287
00:23:51,92 --> 00:23:56,62
anybody can argue with was you know where
we begin the centralizing localizing

288
00:23:56,63 --> 00:24:02,15
empowering some of the neighboring planning
so that's why we're talking about what

289
00:24:02,16 --> 00:24:06,56
we're doing here and the just of this is.

290
00:24:09,58 --> 00:24:09,94
There's

291
00:24:09,95 --> 00:24:15,07
a number of people in St Louis that are
very concerned that these Cup Those have

292
00:24:15,39 --> 00:24:21,41
got their funding cut they used to get
funded through block grant and many of those

293
00:24:21,46 --> 00:24:27,67
are going by the wayside and we're very
concerned about. You know what's going to

294
00:24:27,68 --> 00:24:31,56
happen you know within our
neighborhoods if we don't have

295
00:24:31,57 --> 00:24:35,32
a vehicle to develop consensus
building consensus building is

296
00:24:35,33 --> 00:24:42,24
a credibly time consuming
process and. You know we're

297
00:24:42,25 --> 00:24:44,62
not going to resource for that and there's

298
00:24:44,63 --> 00:24:49,14
a group called Community builder network
if they if you haven't met with them it

299
00:24:49,47 --> 00:24:49,74
probably

300
00:24:49,75 --> 00:24:54,27
a good thing for you at least to get to
know who they are and they're working on

301
00:24:54,28 --> 00:24:58,79
this pretty fever surely trying to come
up with some solutions perhaps leveraging

302
00:24:58,80 --> 00:25:03,31
this with some philanthropic monies I
have actually been calling on some

303
00:25:03,32 --> 00:25:10,31
foundations myself. So you
know what we're we're

304
00:25:10,32 --> 00:25:17,23
trying to do is is to provide resources to
neighborhoods to help begin figuring out

305
00:25:17,40 --> 00:25:22,24
how to do some of these things themselves
and some of these these Community

306
00:25:22,25 --> 00:25:26,64
Improvement District since special taxing
districts that have been I found very

307
00:25:26,65 --> 00:25:29,90
helpful. Just wanted to comment on

308
00:25:29,91 --> 00:25:35,30
a couple of the experiences we've had
with them. Actually this special business

309
00:25:35,31 --> 00:25:41,69
district when it was first started was
intended to give urban retail stretches like

310
00:25:41,70 --> 00:25:43,37
a Manchester are you quit or

311
00:25:43,38 --> 00:25:48,90
a Cherokee or any of these other you know
Martin Luther King or any of these other

312
00:25:49,21 --> 00:25:55,14
former retail hubs which were the downtowns
of their neighborhoods and the new

313
00:25:55,15 --> 00:25:59,22
malls that would go in which might have
one hundred two hundred stores and had

314
00:25:59,23 --> 00:26:04,13
a central kind of planning authority so
they could go ahead assign rent and in as

315
00:26:04,14 --> 00:26:07,07
part of that rent they
would provide security and

316
00:26:07,08 --> 00:26:09,67
a common marketing theme
come to such and such

317
00:26:09,68 --> 00:26:14,33
a mall Well you know if you
have fifty shops along

318
00:26:14,34 --> 00:26:20,64
a block several blocks there's no unifying
central planning and so that was the

319
00:26:20,65 --> 00:26:24,72
initial concept when they set these
things up and then they have eventually

320
00:26:25,16 --> 00:26:27,07
liberalize. Them so that
you could start using

321
00:26:27,08 --> 00:26:32,90
a more neighborhood areas for residents
as well what we found in our area is

322
00:26:32,91 --> 00:26:36,44
a commercial strips actually
create value you know it's

323
00:26:36,45 --> 00:26:42,24
a love hate thing that happens with you
know these commercial strips what happens

324
00:26:42,25 --> 00:26:43,60
is if they have

325
00:26:43,61 --> 00:26:48,30
a minute easy on them people will want to
live close to those and the seventeenth

326
00:26:48,31 --> 00:26:54,37
ward we focused on Sarah you would Manchester
with the idea that if we fix them up

327
00:26:54,57 --> 00:26:58,72
they would actually prop up the values
around them but the love hate is they get

328
00:26:58,73 --> 00:27:04,67
busier. You know people love the amenities
within walking distance but they hate

329
00:27:04,68 --> 00:27:08,82
the crowds from out you know so you have
to deal with that and of course the

330
00:27:08,83 --> 00:27:13,66
biggest of the most expensive of those is
parking and parking you know structured

331
00:27:13,67 --> 00:27:14,34
parking is

332
00:27:14,35 --> 00:27:20,54
a. Ten to twenty thousand dollar difference
in surface parking and these things

333
00:27:20,55 --> 00:27:24,84
provide resources to help begin dealing
with those each neighbor its problems are

334
00:27:24,85 --> 00:27:25,10
going to be

335
00:27:25,11 --> 00:27:30,43
a little different we think of the skill
sets that's necessary to do some of these

336
00:27:30,44 --> 00:27:31,42
things you need

337
00:27:31,43 --> 00:27:35,47
a consensus building group somebody go out
and engage the community you're going to

338
00:27:35,48 --> 00:27:39,20
need to have somebody help you do the legal
work you have to have somebody help you

339
00:27:39,21 --> 00:27:43,00
do the financial analysis.
And you have to figure out

340
00:27:43,01 --> 00:27:48,45
a way to pay for all that so our hope is
is that we'll be able to go ahead and

341
00:27:48,46 --> 00:27:50,54
create a team over at C.T.A.

342
00:27:50,58 --> 00:27:55,29
R S L D C I'm not sure who will actually
be doing that but that will actually go

343
00:27:55,30 --> 00:27:57,09
out we'll pick one or two

344
00:27:57,14 --> 00:28:03,78
a year and try to see how this works and
just the act of forming these committees

345
00:28:03,79 --> 00:28:10,26
getting people together even if the money
is not enough. The active everybody begin

346
00:28:10,47 --> 00:28:15,19
getting together and discussing the problems
and helping prioritize them you know

347
00:28:15,20 --> 00:28:18,89
and you'll see that the list change some
areas it's going to be security others

348
00:28:18,90 --> 00:28:24,56
will be parking others that will be picking
up the trash and but the fact that you

349
00:28:24,57 --> 00:28:28,14
get people to gather and then they begin
thinking about it and they start bringing

350
00:28:28,15 --> 00:28:33,96
in some of their own resources
and creativity and energy. Does

351
00:28:33,97 --> 00:28:39,96
a lot so anyway that's why we're here is
there any questions that Brooks or any

352
00:28:39,97 --> 00:28:46,95
comments on what we've covered today
at all or. The other thing is kind of

353
00:28:46,96 --> 00:28:51,09
tying this together with what we discussed
before and we really didn't get into to

354
00:28:51,18 --> 00:28:56,63
districts which is. Something that I think
we should be using more of but there's

355
00:28:56,64 --> 00:29:03,29
been opposition to in the past and that's
where. We go ahead and typically when we

356
00:29:03,30 --> 00:29:07,97
used to for to for tax abatement the city
we're providing all the economic benefit

357
00:29:07,98 --> 00:29:10,50
back to the developer So if

358
00:29:10,51 --> 00:29:16,87
a project costs this much to develop and
it's only worth this much we're giving all

359
00:29:16,88 --> 00:29:19,98
of that economic benefit
back to the developer what

360
00:29:19,99 --> 00:29:23,43
a tiff district does is it gives
you the ability to calibrate that

361
00:29:23,44 --> 00:29:27,94
a little bit so that instead of just giving
all the benefit back to the developer

362
00:29:27,95 --> 00:29:30,89
you can keep some of that
benefit and apply it to

363
00:29:30,90 --> 00:29:35,46
a community purpose that will in Athens
will hopefully enhanced the value of

364
00:29:35,47 --> 00:29:41,45
everybody's property not just the property
being developed. So as an example of

365
00:29:41,46 --> 00:29:45,74
that when you do it if district if Whiting
in the security is an issue for you you

366
00:29:45,75 --> 00:29:51,21
can go ahead and some of the economic
benefit you can award to the developer and

367
00:29:51,25 --> 00:29:57,51
others you can keep and use for lighting
within that neighborhood there by having

368
00:29:57,52 --> 00:30:01,57
the street lead hopefully will increase
the value of all the property in the area

369
00:30:01,68 --> 00:30:07,70
that makes sense everyone and. If there's
no questions then we'll go ahead and

370
00:30:07,71 --> 00:30:11,74
finish that up for today that will be the
last of these for this session because

371
00:30:11,75 --> 00:30:16,06
this is the art till we come back in the
fall and then we're working on some stuff

372
00:30:16,07 --> 00:30:22,59
to help quantify. And. Keep this presentation
going and I expect they have two or

373
00:30:22,60 --> 00:30:28,63
three more of them anyway. So with that
said why don't we go ahead and pick up the

374
00:30:29,19 --> 00:30:35,29
board bills and we'll do these
and. I guess we got here.

375
00:30:53,43 --> 00:31:00,22
When we go ahead and start. Tonight
maybe we can hold hours that leaves

376
00:31:00,23 --> 00:31:06,87
us with the farmer hand. Who
sponsored who's the sponsor of the

377
00:31:06,88 --> 00:31:08,61
resolution Here's

378
00:31:08,62 --> 00:31:15,30
a. Morning OK. Ok much shorter
seniority orders here.

379
00:31:17,04 --> 00:31:23,74
OK Well go ahead start with. Alderman
Vollmer then he has two board bills before

380
00:31:23,75 --> 00:31:30,42
someone twenty in one
twenty one. OK you're.

381
00:31:32,79 --> 00:31:39,47
Twenty. But I think you Vanna White.

382
00:31:41,87 --> 00:31:42,67
Is dealing with

383
00:31:42,68 --> 00:31:48,57
a redevelopment plan. For Jerry Ackerman
Toyota Motor Company this is the site of

384
00:31:48,58 --> 00:31:53,53
the old M S D headquarters for you youngsters
you might not remember where that was

385
00:31:54,36 --> 00:31:59,86
that is right nor the forty Ford Hampton
they closed up some time ago the building

386
00:31:59,87 --> 00:32:05,67
has been vacant this is on the outskirts
of the tenth ward and is quite an eyesore

387
00:32:06,28 --> 00:32:10,39
I would say it's been uninhabited but we
have found many people residing in there

388
00:32:10,62 --> 00:32:17,36
without proper leases. We have had many
people come forth trying to develop

389
00:32:17,37 --> 00:32:22,20
this and this is the plan that. Fits
and works very well because this is

390
00:32:22,21 --> 00:32:25,49
a difficult property to develop there is

391
00:32:25,50 --> 00:32:30,42
a thirty inch city water main that runs
through that cannot be built upon it has to

392
00:32:30,43 --> 00:32:35,13
be. Somewhat thrown into the plan it is

393
00:32:35,14 --> 00:32:39,08
a property if you have gone by there this
isn't from the street department where it

394
00:32:39,09 --> 00:32:40,66
starts and it keeps going down to

395
00:32:40,67 --> 00:32:47,22
a small taper and downhill so they have
many many things to conquer here and they

396
00:32:47,23 --> 00:32:47,71
have come up with

397
00:32:47,72 --> 00:32:54,66
a plan that will work very
well and we are going to

398
00:32:55,17 --> 00:33:00,17
request that you keep your favorite
consideration to it we have people here from.

399
00:33:01,84 --> 00:33:07,92
Adamantly from their team if you have any
specific questions related to. What is

400
00:33:07,93 --> 00:33:12,72
occurring and as well Otis is here and
deal we can go through I have this to hand

401
00:33:12,73 --> 00:33:19,05
out and you have enough of them. But
this site is quite an eyesore this new

402
00:33:19,06 --> 00:33:23,64
building the Ackermann folks are currently
located on Kings Island fellows and they

403
00:33:23,65 --> 00:33:24,33
are required to have

404
00:33:24,34 --> 00:33:31,23
a larger footprint as you know as with
most car dealerships. In the city and

405
00:33:31,24 --> 00:33:35,72
throughout the area they are putting these
new buildings in that the they have to

406
00:33:35,73 --> 00:33:39,61
have or they will not be able to stay at
their current location I will be moving

407
00:33:39,62 --> 00:33:43,51
from the fellows in area to this and they
have plans to keep the flows an area

408
00:33:43,52 --> 00:33:48,15
going with another dealership also they
have put applications in so we will not

409
00:33:48,16 --> 00:33:52,67
have only one new will still have an
existing dealership will be adding employees

410
00:33:52,68 --> 00:33:59,35
to the city of St Louis and creating at
the other end of Hampton Avenue where

411
00:33:59,45 --> 00:34:03,84
Mr already has put his wonderful Mercedes
Benz dealership in as you travel south

412
00:34:03,85 --> 00:34:07,19
you will now find a wonderful
Toyota dealership creating

413
00:34:07,20 --> 00:34:13,85
a little mini mall for cars on Hampton
Avenue. You will have your packets.

414
00:34:17,49 --> 00:34:23,44
Yes or all of them and I'm sorry it's OK
Joe you're here. Do you have someone are

415
00:34:23,45 --> 00:34:29,08
you planning to walk us through this the
financials on this or I am not OK is

416
00:34:29,98 --> 00:34:31,87
someone going to or.

417
00:34:39,83 --> 00:34:46,64
I will turn it over them and be handy
for any of the questions. Below

418
00:34:46,65 --> 00:34:52,27
as as alderman Vollmer explained we're
particularly interested in are excited about

419
00:34:52,28 --> 00:34:57,76
this project because it takes a piece
of property that Alcee or a has own for

420
00:34:57,97 --> 00:35:04,06
a number of years and provides an exciting
new development at this location. We

421
00:35:04,07 --> 00:35:04,68
have had

422
00:35:05,32 --> 00:35:10,44
a number of negotiations particularly with
the comptroller's office on this project

423
00:35:10,94 --> 00:35:17,30
and I think everyone was agreed
upon the tiff amount but what was

424
00:35:17,31 --> 00:35:23,97
decided was that. The entire
tiff would be annually

425
00:35:24,01 --> 00:35:28,65
collected and put into the special allocation
fund and ninety percent of it would

426
00:35:28,66 --> 00:35:34,70
go to pay off the tiff no US but ten percent
would be rebated back to the taxing

427
00:35:34,71 --> 00:35:38,70
districts including. The
city of St Louis so that's

428
00:35:39,60 --> 00:35:45,83
a new wrinkle that this one has
that other tips have not had and

429
00:35:46,70 --> 00:35:51,23
the other thing that we were the Comptroller's
particularly interested in but we

430
00:35:51,24 --> 00:35:56,26
were very interested into as again the
alderman noted is that the dealership is

431
00:35:56,27 --> 00:36:02,89
currently located on South Kings
Highway and the owner the owner

432
00:36:02,90 --> 00:36:09,83
group of that property along with Jay
Ackerman are going to use their best

433
00:36:09,84 --> 00:36:14,35
efforts to backfill that property with
another dealership and they have already

434
00:36:14,36 --> 00:36:16,35
applied. To

435
00:36:16,36 --> 00:36:22,96
a couple of possible dealerships for that
and. You know I hate to interrupt but yes

436
00:36:22,97 --> 00:36:26,86
you standardize this stuff I'm going
through here and this tells me absolutely

437
00:36:26,87 --> 00:36:33,86
nothing. About. You know I mean they've

438
00:36:33,87 --> 00:36:40,77
got the financials I mean
it's just. In my the only

439
00:36:40,78 --> 00:36:46,40
one who can't figure this out. What what
what piece are you looking at the there's

440
00:36:46,75 --> 00:36:53,40
we have. This piece here which
is the application now and.

441
00:36:56,87 --> 00:37:00,97
You have anything that is tells us how
much to tip amount is how much is going to

442
00:37:00,98 --> 00:37:05,70
come in from different sources and uses And
you know those are an actual cash flow

443
00:37:05,71 --> 00:37:11,02
analysis farce and. I mean I was through
this at the tip here and you know at the

444
00:37:11,03 --> 00:37:13,48
preliminary hearing with everybody but.

445
00:37:24,88 --> 00:37:31,37
Which were is it that I don't know if you
have what I have. And I guess I'm here I

446
00:37:31,38 --> 00:37:36,59
guess that is what you
have. Been the moral.

447
00:37:39,83 --> 00:37:42,98
Standard mine. Is it.

448
00:37:48,27 --> 00:37:54,83
Again your. Development cost OK.

449
00:38:01,37 --> 00:38:05,69
But. What.

450
00:38:11,61 --> 00:38:13,23
You mean would be helpful if this was

451
00:38:13,24 --> 00:38:18,51
a OK So this is where the projects going
to cost almost eighteen million the TIFF

452
00:38:18,52 --> 00:38:24,17
is for right your point or million it
right to proceed OK so the four million.

453
00:38:25,40 --> 00:38:30,05
Is what the public is going to be giving
up or are this exact her act and then

454
00:38:30,80 --> 00:38:36,82
where is that money coming from. Then.
Real estate taxes well comes from the real

455
00:38:36,83 --> 00:38:42,23
estate taxes and half of the eats in this
case as you know or how much real estate

456
00:38:42,45 --> 00:38:46,92
Well the real estate taxes are going to be
zero because the city you all on that is

457
00:38:46,93 --> 00:38:51,06
Acker act right now we do so
there the real estate taxes.

458
00:38:53,92 --> 00:38:54,68
The base here it's

459
00:38:54,69 --> 00:39:00,35
a zero. So do we are much every year is
going to go in well I'm sure there are

460
00:39:00,36 --> 00:39:07,10
a number somewhere I do not have those
in front of me. And it was or any

461
00:39:07,61 --> 00:39:14,12
OK we were going to need to standardize
this stuff so between now and the next time

462
00:39:14,13 --> 00:39:19,58
we have one of these things we need to
have. All of them come in here looking the

463
00:39:19,59 --> 00:39:23,65
same way so that you know we're not
fumbling around I mean we should have

464
00:39:23,69 --> 00:39:29,55
a year by year cash flow projection
that breaks all this out that shows the

465
00:39:29,56 --> 00:39:36,37
coverages and you know this is
just. I mean well that is all

466
00:39:36,38 --> 00:39:43,24
in the. The document that was provided for
the fifth commission but I did I lay out

467
00:39:43,25 --> 00:39:47,65
at that in fact was yeah months ago yeah
and none of these people suffer me no no

468
00:39:47,66 --> 00:39:52,97
they they are not saying that so you know
it's just not fair I mean there's either

469
00:39:52,98 --> 00:39:53,14
was

470
00:39:53,15 --> 00:39:57,10
a cost benefit analysis prepared which is
always right in essence that that needs

471
00:39:57,11 --> 00:40:00,14
to be at this meeting to OK going OK

472
00:40:00,05 --> 00:40:06,87
OK OK.

473
00:40:07,39 --> 00:40:11,55
Let's try to figure out if we can understand
what's going on here So currently

474
00:40:11,56 --> 00:40:17,36
there's no taxes being collected so why
have zero in the base year do we know what

475
00:40:17,37 --> 00:40:22,42
the attack real estate taxes are going to
be every year that. Well I don't do know

476
00:40:22,43 --> 00:40:25,97
what the debt service is going to be
on the four point four four million.

477
00:40:34,79 --> 00:40:40,30
I don't know if you have that. Hospital
by my name is can't Evans I'm with Intel

478
00:40:40,31 --> 00:40:46,89
a commercial real estate and Ackerman is
our client. I've been trying to figure out

479
00:40:46,90 --> 00:40:53,31
here for weeks what we need to bring
and I apologize that we don't have the

480
00:40:53,35 --> 00:41:00,07
information I do have all of
the original. Presentations to

481
00:41:00,08 --> 00:41:06,92
the board and we can walk through those
if you would like. My understanding was

482
00:41:07,18 --> 00:41:10,72
that. I mean there's obviously

483
00:41:11,10 --> 00:41:17,79
a year by year analysis of the cash flows
what happens to them and if we want to go

484
00:41:17,80 --> 00:41:24,46
into that type of detail we can
certainly provide that. We need to have

485
00:41:24,47 --> 00:41:29,93
a public hearing today is that right and
then we need to know what's our timeline

486
00:41:29,94 --> 00:41:35,90
for what's your timeline for getting this
out before we go down is here is there

487
00:41:35,91 --> 00:41:38,67
are deadline or anything that
we're concerned about meeting.

488
00:41:48,22 --> 00:41:48,76
Mainly into

489
00:41:48,77 --> 00:41:54,59
a Friday morning meeting we'll consider
this heard today then and then you know if

490
00:41:54,60 --> 00:41:57,69
we need to go ahead and start holding stuff
up to get the right information over

491
00:41:57,70 --> 00:42:00,40
here I've asked for cost
benefit analysis on

492
00:42:00,41 --> 00:42:05,17
a number of times and I can't remember
asking every meeting but Situation B.

493
00:42:05,18 --> 00:42:10,25
My job they ask for the same stuff every
you know every time it should just be here

494
00:42:10,58 --> 00:42:11,53
and we ought to be able to take

495
00:42:11,54 --> 00:42:15,62
a look at the numbers and they ought to
be in the same format for meeting to

496
00:42:15,63 --> 00:42:21,47
meeting to meeting so that we don't have
to go through this this is like. You know

497
00:42:21,47 --> 00:42:28,43
. This is just I mean this is this
is like we're supposed to rubber

498
00:42:28,44 --> 00:42:34,48
stamp this I mean there's just no detail
at all in any of this stuff and. You know

499
00:42:34,49 --> 00:42:39,22
if any one of my members asked for more
detail they're entitled to it and they're

500
00:42:39,23 --> 00:42:44,78
entitled to the same information that the
commission and the pre-hearing are and

501
00:42:44,82 --> 00:42:51,14
you know this is just you know an
adequate. So we'll consider it

502
00:42:51,86 --> 00:42:53,72
let's stop for a second
we'll provide everybody

503
00:42:53,73 --> 00:42:59,30
a chance to ask what questions about the
the project itself the overview of the

504
00:42:59,31 --> 00:43:02,05
project and then we'll have

505
00:43:02,06 --> 00:43:07,69
a hearing on him. So we
need to get it out on.

506
00:43:10,69 --> 00:43:11,57
You do hear it on

507
00:43:11,58 --> 00:43:18,03
a second we could. Second rate
it on the second second which is

508
00:43:18,04 --> 00:43:23,14
a Thursday. And then
we could go ahead and.

509
00:43:30,24 --> 00:43:35,95
We could perfect and third read on the
ten. I'm not going to be here this Friday

510
00:43:35,96 --> 00:43:39,00
otherwise we can go ahead and do it right
you want to go ahead and you know.

511
00:43:43,11 --> 00:43:47,01
You want to do it this for I'm not going
to be here this Friday but you know Ford

512
00:43:47,41 --> 00:43:54,05
Yeah OK we'll go ahead and well
I'll delegate it to my. Table body.

513
00:43:55,40 --> 00:43:56,48
Vice Chair to have

514
00:43:56,49 --> 00:44:03,31
a hearing on Friday morning and.
Nine o'clock in the morning and.

515
00:44:05,25 --> 00:44:11,01
We'll go ahead and pass it out on hopefully
will pass. Muster to we need to get

516
00:44:11,79 --> 00:44:15,90
a judge I won't be here Friday morning
at eight thirty I already have another

517
00:44:15,91 --> 00:44:20,14
meeting scheduled you hate to say this but
we've already had four amendments to the

518
00:44:20,15 --> 00:44:27,06
calendar this week. This will be the
fifth amendment. It's hard to do

519
00:44:27,07 --> 00:44:31,59
business when Brett I and I
appreciate your comment although one.

520
00:44:34,63 --> 00:44:39,31
Would be other members be available on
Friday at nine o'clock right through the

521
00:44:39,88 --> 00:44:46,35
session. It's not going to warm up

522
00:44:47,01 --> 00:44:52,94
now. All right well then we'll just go ahead
and we'll plan on on boating this out

523
00:44:52,95 --> 00:44:55,77
on Friday we'll have opportunities
ask questions today.

524
00:45:01,64 --> 00:45:07,19
That does I don't know where
we go with this. You know.

525
00:45:08,49 --> 00:45:11,89
Why don't we go ahead and will provide
everybody napper to go through this then

526
00:45:12,72 --> 00:45:19,29
a good go ahead OK walk through
that they'll. Have to do about.

527
00:45:23,27 --> 00:45:28,27
What to get in my belly but we have all the
detail you would want and I can divide

528
00:45:28,28 --> 00:45:35,20
it by email if you would
like. The. The beginning of

529
00:45:35,21 --> 00:45:39,80
this project started because Ackerman
toilet which is located in the city and has

530
00:45:39,81 --> 00:45:46,50
been for thirty years has is it is in
jeopardy of losing its dealership they can't

531
00:45:46,51 --> 00:45:50,87
service certain models they are not
provided those Toyota has told them find

532
00:45:50,88 --> 00:45:55,76
a site. Or. You know find

533
00:45:55,77 --> 00:46:02,67
a site move or we'll figure out something
else so. The issued the challenge

534
00:46:02,68 --> 00:46:08,39
there was is that toilet and now requires
about four and a half to five acres and

535
00:46:08,40 --> 00:46:14,50
a fifty fifty thousand square foot building
with certain service bays you know

536
00:46:14,51 --> 00:46:21,48
siting in and. So we started off
looking everywhere within the city

537
00:46:21,87 --> 00:46:28,73
and there were no sites that matched that
criteria the Hampton site was interesting

538
00:46:29,13 --> 00:46:32,49
we came across that and it was
interesting because it had

539
00:46:32,58 --> 00:46:38,87
a lot of fall to it and we thought maybe
we could build the parking structure again

540
00:46:38,88 --> 00:46:45,16
the extra acreage that was required and
and work with it there so that was then

541
00:46:45,17 --> 00:46:46,37
presented to Toyotas

542
00:46:46,38 --> 00:46:52,77
a concept Toyota said show us how it might
work. If we engaged an architect and.

543
00:46:53,78 --> 00:47:00,19
And at that point. We came up with
an idea we've been and. It was

544
00:47:00,20 --> 00:47:05,54
discovered that this is this is
actually the current. Building.

545
00:47:10,13 --> 00:47:14,95
Process that we went through it's been.
There vagrancy they're broken windows

546
00:47:14,96 --> 00:47:19,44
broken glass. First half.

547
00:47:22,10 --> 00:47:22,54
And so.

548
00:47:30,47 --> 00:47:30,71
Well.

549
00:47:43,62 --> 00:47:49,87
Here. They're. All.

550
00:47:53,73 --> 00:47:54,25
L.C.R.

551
00:47:54,26 --> 00:48:00,15
a Bought this many many years ago. Because
they thought it would be the genesis of

552
00:48:00,16 --> 00:48:07,15
a larger retail project and.
Turns out that the physical

553
00:48:07,48 --> 00:48:14,43
impairments that we've run into. Has also
been discovered by other retailers and

554
00:48:15,27 --> 00:48:19,42
been fully exposed to the marketplace
for the last fifteen years.

555
00:48:23,31 --> 00:48:29,80
But most major of those impediment is this
red line here which is the thirty foot

556
00:48:29,81 --> 00:48:36,37
water main and it means that
it divides the site into

557
00:48:36,38 --> 00:48:42,85
two areas. And you cannot
build over it. And you're

558
00:48:42,86 --> 00:48:44,08
basically stuck with

559
00:48:44,09 --> 00:48:50,63
a certain certain type
of building. And. So.

560
00:48:52,15 --> 00:48:58,41
This drawing here shows what size building
would be needed and the parking and you

561
00:48:58,42 --> 00:49:02,79
can see it overflows the
existing site and does not fit.

562
00:49:05,46 --> 00:49:08,91
This site drawing shows what the toilet

563
00:49:08,92 --> 00:49:14,23
a dealership would look like get it
onto it and architect is come up with

564
00:49:14,24 --> 00:49:19,48
a really really creative way of
utilizing that water main as

565
00:49:19,49 --> 00:49:21,34
a ramp so that it's

566
00:49:21,35 --> 00:49:27,71
a structured parking and you can drive on
the water main as it ramps up to get to

567
00:49:27,72 --> 00:49:34,43
another level of the dealership.
And that's just that's just.

568
00:49:35,64 --> 00:49:42,14
A lower level picture of it and. That's
what it should look like at the end that's

569
00:49:42,15 --> 00:49:48,54
the concept looking east and the
off ramp is on the right side.

570
00:49:49,61 --> 00:49:56,54
So as far as the. Economics of
it. You know right now there's

571
00:49:56,55 --> 00:50:02,37
zero property taxes being collected it's
been that way for many many years it's

572
00:50:02,38 --> 00:50:07,28
been exposed to the market for fifteen
years we're not the first to look at it.

573
00:50:09,78 --> 00:50:16,41
A number of opportunities of. I
think and presented their past

574
00:50:17,30 --> 00:50:23,48
because of the impediments there's probably
not any other views that we can come up

575
00:50:23,53 --> 00:50:30,18
we deal with retail and office and. You
know warehouse this isn't an office site

576
00:50:30,19 --> 00:50:34,29
you can't surround it with parking you're
going to have to have the parking down at

577
00:50:34,30 --> 00:50:40,34
the bottom of the hill. There's it's very
difficult to deal with eighty eight and

578
00:50:40,35 --> 00:50:45,12
accessibility issues because of that. So

579
00:50:45,16 --> 00:50:49,33
a lot of the parking structure is not
used to service like an office point tell

580
00:50:49,37 --> 00:50:54,52
would be coming in and out every day but
it's inventory related because Toyota

581
00:50:54,53 --> 00:51:00,09
requires that which was another pathway
we took we looked at downsizing look and

582
00:51:00,22 --> 00:51:02,23
putting some of the inventory on

583
00:51:02,24 --> 00:51:08,74
a lot close by that is not the
way it has parameters here so.

584
00:51:11,30 --> 00:51:17,100
As far as the economics.
What happens here is that.

585
00:51:19,08 --> 00:51:19,79
This goes from

586
00:51:19,80 --> 00:51:26,17
a nine tax generating. Piece
of ground and decrepit

587
00:51:26,45 --> 00:51:32,99
building do something you're out here
instantly puts thirteen million dollars back

588
00:51:33,15 --> 00:51:39,36
to the taxing districts. And
so just by doing the test

589
00:51:40,29 --> 00:51:46,70
over the tariff period of time. It generates
thirteen million dollars and put that

590
00:51:46,85 --> 00:51:52,48
back in. So there's in addition to that.

591
00:51:53,77 --> 00:52:00,75
Ackerman is currently at about
forty employees and they will grow

592
00:52:00,77 --> 00:52:07,49
to medium please. And they
are looking at back filling

593
00:52:08,17 --> 00:52:11,35
the existing dealership. With

594
00:52:12,01 --> 00:52:17,82
a dealer that would service that they could
service with the smaller service bays

595
00:52:17,83 --> 00:52:20,64
and would be something like a Hyundai I or

596
00:52:20,65 --> 00:52:27,40
a key and they have put in applications
but that's also it takes it

597
00:52:27,41 --> 00:52:34,22
takes time and it's it's not
certain but if you look at the

598
00:52:34,23 --> 00:52:40,25
employment there it would be similar to the
point at the current Toyota dealership

599
00:52:40,26 --> 00:52:47,23
so moving here. Is going to double the
employees go from forty to eighty and then

600
00:52:47,56 --> 00:52:52,89
if that other dealership can be obtained
there would be another forty back in place

601
00:52:52,90 --> 00:52:53,06
so.

602
00:53:00,31 --> 00:53:05,83
You can. Are there any
questions Alderman Bosley.

603
00:53:08,70 --> 00:53:12,47
I don't. Know I don't have any question

604
00:53:12,69 --> 00:53:17,07
a woman can that present moment Conway's
not only one Christian have any questions

605
00:53:17,07 --> 00:53:20,50
. I do thank you Mr Chairman.

606
00:53:24,58 --> 00:53:28,80
Do. Does Ackerman already
own the site the M.S.D.

607
00:53:28,81 --> 00:53:35,38
Site no it's under contract and.
We're in our second extension period

608
00:53:37,35 --> 00:53:41,75
and what are they paying with them pain
L C R E I guess they're buying the site

609
00:53:41,76 --> 00:53:45,95
from L C R E correct and what's the
purchase price it's two point four million

610
00:53:47,27 --> 00:53:48,95
which will go to all C.R.A.

611
00:53:49,00 --> 00:53:55,79
It pays off the debt the L C
R A has and so I mean that's

612
00:53:55,80 --> 00:54:01,91
also another benefit is that it frees
them up to utilize that for other

613
00:54:02,36 --> 00:54:09,20
purchases. Maybe. Dale or somebody could

614
00:54:09,24 --> 00:54:10,49
address as why does L.C.

615
00:54:10,50 --> 00:54:14,51
Already have two point four million dollars
with the debt on this property that

616
00:54:14,52 --> 00:54:19,80
came from M.S.T. . Is that
where it came from Otis M.S.D.

617
00:54:19,80 --> 00:54:26,64
. Originally about twelve years ago
when well whenever it Misty decided to

618
00:54:26,65 --> 00:54:33,29
move to the new location. It was felt that
the time that we would consolidate the

619
00:54:33,30 --> 00:54:35,32
street department site the M.S.T.

620
00:54:35,33 --> 00:54:39,24
Site and the image of the
operation site. Into

621
00:54:39,25 --> 00:54:46,16
a twenty six acre potential large retail
site and so we were seeking Ikea and Bass

622
00:54:46,17 --> 00:54:47,93
Pro be

623
00:54:48,77 --> 00:54:55,05
a couple other larger entity we wished
we later obtained I care about at

624
00:54:55,06 --> 00:55:00,80
a different location right but we were
looking at how to and then I was some very

625
00:55:00,81 --> 00:55:07,16
costly. Actually used to relocating
the street department so our first

626
00:55:07,54 --> 00:55:14,12
thought at that time was not really come
to fruition and so at this point when the

627
00:55:14,13 --> 00:55:19,50
building came available back
then we then purchased it from

628
00:55:19,54 --> 00:55:25,01
a mistake so as on this point what we've
been doing is really paying interest only

629
00:55:25,87 --> 00:55:27,65
and who holds the note does M.S.D.

630
00:55:28,17 --> 00:55:34,69
Know we do without any with with
enterprise bank with a bank OK So M.S.D.

631
00:55:34,73 --> 00:55:40,99
Got. Two point four million or some different
amount it was in that in that range I

632
00:55:41,00 --> 00:55:46,76
think it was about two point three
something. OK So we still owe the principal

633
00:55:46,77 --> 00:55:51,46
amount but we've been paying the interest
on that through some general operations

634
00:55:51,47 --> 00:55:55,11
or whatever you call it so really we have
more into it than the two point four

635
00:55:55,27 --> 00:55:58,90
we've two point four plus the interest
plus whatever it's cost us to maintain it

636
00:55:58,91 --> 00:56:03,49
over the last great however many years and
I think it was like it was alluded to we

637
00:56:03,50 --> 00:56:08,12
have had this on the market now went
once we realized that we could. We had

638
00:56:08,13 --> 00:56:10,20
a better location for the I.P.O.

639
00:56:10,21 --> 00:56:14,81
Whatever we start marketing
and we had we had you know

640
00:56:14,82 --> 00:56:16,63
a lot of people lining
up to buy and I have

641
00:56:16,64 --> 00:56:21,60
a lot of people so we had about three or
four different bites but each time because

642
00:56:21,61 --> 00:56:24,98
of the of a slope and the
fact that this was a single

643
00:56:24,99 --> 00:56:29,61
a part part parcel as opposed to being
incorporated into the larger part of our

644
00:56:29,62 --> 00:56:32,56
souls that we originally
envisioned it became

645
00:56:32,82 --> 00:56:37,68
a challenge and then the idea that the
water main which was not identified

646
00:56:37,69 --> 00:56:44,32
initially to us. And that we didn't
know. What once we owned it we

647
00:56:44,33 --> 00:56:50,31
realized that we had that challenge of
well sure OK Thank you. A couple of other

648
00:56:50,32 --> 00:56:56,29
questions maybe for the developer. So of
the eighteen million dollars total project

649
00:56:56,30 --> 00:57:01,81
cost two point four million is to
acquire the site Correct correct and.

650
00:57:04,79 --> 00:57:09,77
Be the Ackermann dealership that's on Kings
Highway I don't know what word that's

651
00:57:09,78 --> 00:57:16,75
And but fifteen OK. That Ackerman
dealership is currently paying

652
00:57:16,76 --> 00:57:21,97
property taxes I assume and sales taxes
and in earnings tax and all that kind of

653
00:57:21,98 --> 00:57:28,87
thing correct so the city will
lose that. Because. They are

654
00:57:28,88 --> 00:57:31,62
some of that unless you are able to get

655
00:57:31,63 --> 00:57:34,63
a nother dealership there
which as you said is not

656
00:57:34,64 --> 00:57:40,45
a certain thing so the city's going to
lose that revenue and then the new revenue

657
00:57:40,46 --> 00:57:43,60
is going to go into the Tift do
I have that right well I think

658
00:57:43,61 --> 00:57:49,92
a more accurate way of looking at
this is that. ACKERMAN hast to move.

659
00:57:51,12 --> 00:57:57,09
And they had made it clear from the very
beginning that they want to stay in the

660
00:57:57,10 --> 00:58:03,10
city of St Louis and on our first run
with clients we always provide them.

661
00:58:04,17 --> 00:58:10,55
Other opportunities just to expand
their thinking and in within those

662
00:58:10,56 --> 00:58:14,58
opportunities that mean there were really
wasn't anything so your point is we're

663
00:58:14,63 --> 00:58:18,65
going to lose it anyway so the point now
is maybe we'll lose it is accounted for

664
00:58:18,66 --> 00:58:19,58
some of us there on

665
00:58:19,59 --> 00:58:26,39
a revolving quarterly review with
Toyotas. You know if it's if this does

666
00:58:26,40 --> 00:58:33,38
not go through Toyota can say you're done
and no I understand that. I get that

667
00:58:33,48 --> 00:58:38,92
OK And so it's either between Toyota or
St Louis County and this is the city so

668
00:58:38,93 --> 00:58:44,74
it's going to it's it's more about retention
and growth you know I understand that

669
00:58:44,75 --> 00:58:49,07
I mean we always have that sort of threat
if you will which ice if you don't give

670
00:58:49,08 --> 00:58:53,34
it to us we're going to move to the county.
And so you're going to lose the revenue

671
00:58:53,35 --> 00:58:58,01
anyway so you might as well lose it and
maintain something or some part of it in

672
00:58:58,02 --> 00:59:02,37
the city I get that but what's interesting
it's unfortunate but I don't understand

673
00:59:02,38 --> 00:59:03,34
well and it's not so much

674
00:59:03,35 --> 00:59:08,46
a threat it's just the view reality of
what. You know that has been imposed by

675
00:59:08,47 --> 00:59:13,53
Toyota No no I get it that and I But
what's interesting about this is that if

676
00:59:13,54 --> 00:59:20,33
you're talking about this is the ten percent
pass through and so instantly there is

677
00:59:20,34 --> 00:59:25,43
they move it's not like it's zero revenue
base until the IF has been paid off ten

678
00:59:25,44 --> 00:59:30,89
percent of everything is flowing back through
to the districts Yeah no I understand

679
00:59:30,90 --> 00:59:34,48
that which. So it's kind of

680
00:59:34,49 --> 00:59:39,82
a ninety percent to fifty you if you want
to look at it like that and yeah but I

681
00:59:39,83 --> 00:59:43,80
mean I look at it it's like the city should
probably do almost tiffs like that ten

682
00:59:43,81 --> 00:59:48,42
fifteen twenty percent because that's what
the city needs is revenue so but there's

683
00:59:48,43 --> 00:59:50,30
a little but for question on

684
00:59:50,31 --> 00:59:55,80
a tip right that says the development would
not happen but for the tip so if you

685
00:59:55,81 --> 01:00:00,59
can afford to you know you're sort of
saying well we don't need the whole tiff we

686
01:00:00,60 --> 01:00:06,39
only need ninety percent
of it. And I get them.

687
01:00:10,37 --> 01:00:15,70
What's the timing on the project it might
be in here and if so I apologize I

688
01:00:15,88 --> 01:00:22,39
haven't read all this yet. It's
contingent upon Toyota's approval toilers

689
01:00:22,43 --> 01:00:28,01
approval is contingent
upon. Having this site.

690
01:00:29,31 --> 01:00:35,43
And. And then after that it's
immediate I mean we start on

691
01:00:35,79 --> 01:00:42,42
interviews with General
Contractors sub contractors. It's

692
01:00:42,43 --> 01:00:47,30
really depending on when you start you know
whether it's winter or spring or summer

693
01:00:47,31 --> 01:00:47,44
it's

694
01:00:47,45 --> 01:00:53,64
a nine to twelve month building process.
So you expect you would be open within the

695
01:00:53,65 --> 01:00:58,51
next eighteen months or so something like
Oh absolutely I mean the other you know

696
01:00:58,52 --> 01:01:02,98
Ackerman Toyota is very anxious about
this because the king's highway bridge is

697
01:01:02,99 --> 01:01:03,64
coming down in

698
01:01:03,65 --> 01:01:09,83
a week and it is going to just destroy their
business they're very concerned about

699
01:01:09,84 --> 01:01:16,77
that so. That's another reason
why moving towards approval and

700
01:01:16,78 --> 01:01:21,21
gain approval here in probably be reopened
by the time your move over to Hampton

701
01:01:21,22 --> 01:01:23,80
though it's yeah well it's
true and the rice is doing

702
01:01:23,81 --> 01:01:28,71
a brain John which is you never know two
years is what we've we have heard here you

703
01:01:28,72 --> 01:01:35,64
know what it takes and you know their
goal is to be open next year OK in the

704
01:01:35,65 --> 01:01:37,09
projections that it's a four and

705
01:01:37,10 --> 01:01:42,59
a half million dollar two which is around
I don't know twenty five percent of the

706
01:01:43,18 --> 01:01:49,41
total development cost and in the
projections What year do you

707
01:01:49,42 --> 01:01:52,18
project that the four and

708
01:01:52,19 --> 01:01:55,44
a half million dollars would be paid off
what's the payoff period is it the full

709
01:01:55,45 --> 01:02:01,75
twenty three years it's the full twenty
three years but. Maybe no better maybe

710
01:02:01,76 --> 01:02:07,01
it'll be right and here's what's really
peculiar about this is that big killer

711
01:02:07,02 --> 01:02:13,30
sales cannot be part of the tiff.
Right because they go back to

712
01:02:13,31 --> 01:02:17,04
a day having to go back to the yes it
could understand that if this were

713
01:02:17,08 --> 01:02:23,98
a normal. Retail operation. Were then the

714
01:02:23,99 --> 01:02:28,77
tip could be paid off just yet credibly
fast what's happening here is that only

715
01:02:28,78 --> 01:02:35,28
about ten percent of the sales that are
associated with the site actually can go to

716
01:02:35,29 --> 01:02:39,42
the tiff revenue in those hands because
people live in the city of St Louis you

717
01:02:39,43 --> 01:02:45,36
know those names only being on if it's only
parts and service that's the only thing

718
01:02:45,40 --> 01:02:51,29
here they can get ice and that can go to
it so that that's about ten percent of the

719
01:02:51,30 --> 01:02:57,29
overall revenue of this hire project
here so it's. You know there's

720
01:02:57,30 --> 01:03:02,24
a lot of other ancillary benefits which
aren't there's no vehicle to show how that

721
01:03:02,54 --> 01:03:07,80
nearly well here I'm I'm happy and I'm I'm
happy that Ackerman is and proposing to

722
01:03:07,81 --> 01:03:11,05
stay in the city. But you
know if we need it need

723
01:03:11,06 --> 01:03:16,52
a new car I hope we all don't have to
drive to you know olive and whatever that

724
01:03:16,53 --> 01:03:21,66
road is way out there way west county more
Manchester and where where whatever it

725
01:03:21,67 --> 01:03:26,25
is out there. Because I know
that you know there aren't

726
01:03:26,26 --> 01:03:30,87
a lot of car dealerships in the city of
St Louis comparatively I'm sure that's

727
01:03:30,88 --> 01:03:35,47
because there aren't as many cars being
bought in the city of St Louis but so so

728
01:03:35,48 --> 01:03:36,37
that that's fine.

729
01:03:43,04 --> 01:03:44,86
OK thanks no further questions.

730
01:03:50,55 --> 01:03:52,65
From can anyone on David on

731
01:03:52,66 --> 01:03:58,51
a more orderly more appear I'm sorry all
the more you have any questions. Right.

732
01:04:00,90 --> 01:04:06,60
Out of them Davis. I guess so I made

733
01:04:06,61 --> 01:04:13,36
a statement about you had all the cost
analysis so I will be emailing those to us

734
01:04:13,37 --> 01:04:17,92
right absolutely I can not be helpful so
that we have an opportunity to review them

735
01:04:17,93 --> 01:04:24,07
before Friday morning absolutely OK. And
so I just kind of went through here very

736
01:04:24,08 --> 01:04:25,84
quickly to kind of get

737
01:04:25,85 --> 01:04:34,32
a better understanding from
myself. As so. Purchase

738
01:04:34,33 --> 01:04:35,77
price for the proper use of write

739
01:04:35,78 --> 01:04:41,02
a two point four million just estimated
development costs at this point to such

740
01:04:41,03 --> 01:04:46,82
a point nine which is it will just sit
eighteen million and artifices disses four

741
01:04:46,83 --> 01:04:50,37
point four So the balance there
for me is OK I don't have

742
01:04:50,38 --> 01:04:54,89
a problem with that. But what are
the things that I did look at is.

743
01:04:57,25 --> 01:05:02,96
The opportunities at the project rock. First
of all back taken to Hampton location

744
01:05:02,97 --> 01:05:04,42
off our hands is

745
01:05:04,43 --> 01:05:09,00
a good thing for the city. Because there
wasn't anything else we could do with it

746
01:05:09,04 --> 01:05:15,94
as it stands now. And will now
have based on your proposed

747
01:05:16,32 --> 01:05:23,19
actions in moving will have to deal with
ships through this company instead of

748
01:05:23,20 --> 01:05:26,48
one with the. Propose

749
01:05:26,49 --> 01:05:32,50
a new acquisition or something else to
like they're going to try and just to be

750
01:05:32,51 --> 01:05:38,82
completely. Transparent about
this Jay Ackerman runs

751
01:05:39,45 --> 01:05:45,67
his company right here and he leases
this land and building the Kirwan from

752
01:05:45,68 --> 01:05:49,09
a family partnership OK And so he's

753
01:05:49,10 --> 01:05:54,99
a partner in the land and building that he
leases so when he moves to here he will

754
01:05:54,100 --> 01:06:01,32
own the business and the land and
the building and but that family

755
01:06:01,33 --> 01:06:08,18
partnership has no intention of
leaving that alone. You know just

756
01:06:08,19 --> 01:06:09,60
recently they completed

757
01:06:09,61 --> 01:06:15,91
a transaction with another dealership
that. In North County and that's

758
01:06:15,95 --> 01:06:22,04
a new site for send teams so you know they're
there knowledgeable about real estate

759
01:06:22,10 --> 01:06:28,31
and putting it back into action they've
made applications for one die in Kenya but

760
01:06:28,40 --> 01:06:32,22
that is you know the I've just learned

761
01:06:32,23 --> 01:06:36,93
a lot about dealerships while we're going
through this in it and it's just amazing

762
01:06:36,94 --> 01:06:43,69
I mean they they are they operate
entirely on their own schedule and

763
01:06:44,66 --> 01:06:48,44
there's there's really nothing you can
do other than just provide them the

764
01:06:48,45 --> 01:06:52,91
information but this this has really
been a successful location for

765
01:06:52,92 --> 01:06:56,05
a number of years and it's just
that Toyota has moved into

766
01:06:56,06 --> 01:07:03,02
a different line larger vehicles and
different service requirements. So

767
01:07:03,07 --> 01:07:03,90
it could work for

768
01:07:03,91 --> 01:07:10,39
a smaller line such as Hyundai or key and
you know going on in the same way that it

769
01:07:10,40 --> 01:07:16,54
worked for Toyota for thirty years OK well
that I thank you for clearing it up and

770
01:07:16,55 --> 01:07:19,09
that is a different world is
very much like the N.F.L.

771
01:07:19,09 --> 01:07:23,91
. They do their own thing their way but
it's here when you deal with those

772
01:07:24,30 --> 01:07:26,88
ownerships and so if I understand

773
01:07:26,89 --> 01:07:32,24
a right you're going to double the number
of employees at this new site Yes So you

774
01:07:32,28 --> 01:07:38,28
currently have forty you're anticipating
eighty Yes and. Whatever happens at the

775
01:07:38,29 --> 01:07:44,92
site. All softies highway it will
probably be the same number that you

776
01:07:44,93 --> 01:07:50,70
moved over to Hampton correct OK so
that's a plus an eighty employees

777
01:07:50,71 --> 01:07:57,53
a file that works out that way correct
OK. I'm kind of happy about the have to

778
01:07:57,54 --> 01:08:01,87
side because we already have our savings
over there and maybe it will start

779
01:08:01,88 --> 01:08:08,68
a trend and we'll have another.
Growth for dealerships in the

780
01:08:08,69 --> 01:08:14,71
city which is desperately needed I did
appreciate after I had to drive about my car

781
01:08:15,02 --> 01:08:19,94
to help more of the dealerships come to
is that that's all for me thank you.

782
01:08:22,24 --> 01:08:29,08
All in French. Thank you. I want to ask you
about this and maybe actually somebody

783
01:08:29,09 --> 01:08:29,49
from S.L.

784
01:08:29,50 --> 01:08:35,11
To see about the ninety percent versus
the ten percent so ninety percent of the

785
01:08:35,12 --> 01:08:38,33
tariff is going towards to
project and ten percent is

786
01:08:38,34 --> 01:08:45,01
a rebate to the tax industry. What brought
about that. Special circumstances time

787
01:08:45,77 --> 01:08:50,63
we don't usually have that. That was

788
01:08:50,64 --> 01:08:56,53
a concern about the original percentage
of the Tiffany So it was twenty four

789
01:08:56,54 --> 01:09:02,14
percent and so our goal was to try and lower
that down closer to something that was

790
01:09:02,15 --> 01:09:04,11
more topical we generally use as

791
01:09:04,12 --> 01:09:08,19
a guideline about fifty percent but we're
the only jurisdiction in the region that

792
01:09:08,20 --> 01:09:14,39
has that artificial ceiling. But so we
we try and stay there at around fifteen

793
01:09:14,40 --> 01:09:18,56
percent and so we were working with
the comfortable as office who had

794
01:09:18,57 --> 01:09:21,61
a real concern about that
number and so this was

795
01:09:21,62 --> 01:09:28,56
a way to over time to try and provide
more flow back to the to the

796
01:09:28,57 --> 01:09:35,56
city at an earlier time. So it's not here
but maybe in the information that you

797
01:09:35,57 --> 01:09:38,80
give us on Friday. Do you know

798
01:09:39,47 --> 01:09:45,59
a comparison between that ten percent versus
the lost revenue we do and it would be

799
01:09:45,60 --> 01:09:50,66
in that information that that we provide
you I don't know the exact number but if

800
01:09:50,67 --> 01:09:55,36
you look at the comparison they're probably
brings about down below twenty problem

801
01:09:55,36 --> 01:10:01,76
. OK. And just to be clear so the but

802
01:10:02,69 --> 01:10:03,19
in this is actually

803
01:10:03,20 --> 01:10:09,88
a question for the. I can represent here
so the South Kings Highway location that

804
01:10:09,89 --> 01:10:14,98
you're moving from there is no solid
tenant there for it now though so as it is

805
01:10:14,99 --> 01:10:19,92
right now it's well Ackerman Toyota is doing
business there right now but I mean as

806
01:10:19,93 --> 01:10:21,70
you guys leave there isn't

807
01:10:22,20 --> 01:10:26,53
a tenant lined up to replace you know
there's I mean there's nothing there's

808
01:10:26,54 --> 01:10:33,32
applications in the Hyundai And but those
are once again it's just. You know

809
01:10:33,33 --> 01:10:36,39
it's like. You know you got to have

810
01:10:36,40 --> 01:10:40,90
a chair to sit down in before the
dealership will approve it so right now the

811
01:10:40,91 --> 01:10:46,76
dealership at this location
has said. We like it but.

812
01:10:48,08 --> 01:10:52,85
You know it's not necessarily available and
it's not necessarily available because

813
01:10:52,86 --> 01:10:59,17
of this process and so once we get through
the process and we receive approval then

814
01:10:59,44 --> 01:11:04,58
Toyota will I mean they could say no but
we're not anticipating that they will say

815
01:11:04,59 --> 01:11:11,32
no. They can you know they will.
Hopefully approve this and then once it

816
01:11:11,84 --> 01:11:17,32
you're able to move from then the other
site opens up are ones who are able to say

817
01:11:18,02 --> 01:11:18,31
there's

818
01:11:18,32 --> 01:11:25,74
a specific date when they will be able
to move but you know our hopes as as

819
01:11:26,73 --> 01:11:29,45
you know in the real estate
communities to also there's

820
01:11:29,46 --> 01:11:33,16
a time period let's find the highest and
best use I mean it would be great if it

821
01:11:33,17 --> 01:11:36,42
would be a Hyundai or a key
a dealership but if there's

822
01:11:36,43 --> 01:11:41,81
a higher and better use that we can we can
achieve for our clients then we're going

823
01:11:41,82 --> 01:11:46,84
to look at that as well so
you're. You're least you have

824
01:11:46,85 --> 01:11:51,46
a long term lease on that location as how
things I look Asian This is well I am

825
01:11:51,75 --> 01:11:54,08
Ackerman Toyota is Intel

826
01:11:54,09 --> 01:12:01,00
a commercial real estate client
and as far as how the family runs

827
01:12:01,01 --> 01:12:06,99
its business I've never even asked I just
know that it's it's the dealership is

828
01:12:07,00 --> 01:12:12,72
separate from the real estate. The man who
runs the dealership is separate from the

829
01:12:12,73 --> 01:12:18,38
family interests of the real estate that
he pays rent but I don't know the details

830
01:12:18,39 --> 01:12:21,59
of that. All right that's all I think you.

831
01:12:25,82 --> 01:12:32,62
Owe him Carter. Yes this question this
vote is and I'm not sure if it was.

832
01:12:34,34 --> 01:12:35,13
I think that I heard

833
01:12:35,14 --> 01:12:39,96
a lot of she may have mentioned it but
so you said that we saw the bill for two

834
01:12:39,97 --> 01:12:44,72
point four. Think that price
is in that range and was there

835
01:12:44,84 --> 01:12:50,65
a exact amount of how much we have in
the in the property yet we know we can

836
01:12:50,66 --> 01:12:53,02
provide that to you OK So thanks.

837
01:12:57,52 --> 01:13:04,10
Element code or no question all or
woman Spencer. Yes So my question is

838
01:13:04,11 --> 01:13:10,78
regarding the cost benefit
analysis. Since we have it in my

839
01:13:10,79 --> 01:13:11,47
correct that we have

840
01:13:11,48 --> 01:13:15,49
a zero commitment to keep the second
the first to me the existing location

841
01:13:15,50 --> 01:13:22,21
operational that right I don't
know to my asking. What we

842
01:13:22,22 --> 01:13:22,65
have is

843
01:13:22,66 --> 01:13:29,37
a commitment to focus on trying to get it
so Mr Ackerman personally indicated that

844
01:13:29,37 --> 01:13:34,88
. That he really wants to backfill this
but obviously he has to go through the

845
01:13:34,89 --> 01:13:41,11
application process so he cannot provide
a certainty of that so we don't have

846
01:13:41,12 --> 01:13:46,10
a guarantee he just sent a case that
it's a good site it can service

847
01:13:46,11 --> 01:13:48,83
a smaller vehicle and that he
would pursue trying to get

848
01:13:48,84 --> 01:13:53,80
a backfill that's the only thing that
we have at this point so with the cost

849
01:13:53,81 --> 01:14:00,61
benefit analysis I assume that is to
include. The loss of the forty jobs at the

850
01:14:00,62 --> 01:14:05,89
current site when we're looking at the
cost benefit of this proposal is that. It

851
01:14:05,90 --> 01:14:09,83
does but one thing that has not been
mentioned is the fact that we don't we're

852
01:14:09,84 --> 01:14:15,39
doing and to support it increased sales
at the new location along with the forty

853
01:14:15,43 --> 01:14:21,37
new additional jobs there so
we so and in essence we again.

854
01:14:23,20 --> 01:14:23,74
It's not

855
01:14:23,75 --> 01:14:30,99
a net loss for the employee kind of
thing so the other thing is that. We

856
01:14:31,03 --> 01:14:37,41
did speak to the fact that the cell types
on cars go to the zip code and so where

857
01:14:37,51 --> 01:14:44,30
they buy it was located but we
anticipate more sales. Here at this

858
01:14:44,31 --> 01:14:50,98
location and more service and part of the
attraction is that it. Is located on that

859
01:14:50,99 --> 01:14:57,69
car to as close to close by attraction so
the analysis would show some of that. But

860
01:14:57,70 --> 01:14:59,70
the thirteen million
dollars in sales is not

861
01:14:59,71 --> 01:15:04,46
a net gain because we were are be losing
the sales at the current location correct

862
01:15:04,46 --> 01:15:11,08
. I'm not sure that it's thirteen
million so it was actually the revenue

863
01:15:11,09 --> 01:15:15,56
projection done by development strategies
and that was under the cost benefit

864
01:15:15,57 --> 01:15:21,51
analysis and they show what the net benefit
is to the taxing districts over the

865
01:15:21,52 --> 01:15:28,15
lifetime of the tiff and so it basically
says that if you do this to fast it

866
01:15:28,16 --> 01:15:33,05
stands and in the sales come in as it as
it sits there it will generate over the

867
01:15:33,06 --> 01:15:39,03
life of the tear thirteen million dollars
that these taxing districts didn't have

868
01:15:39,04 --> 01:15:44,61
before but it's not it's not. An annual
amount it's over the lifetime of that but

869
01:15:44,92 --> 01:15:48,73
my question is as relates to the entirety
of the city so with the loss of the

870
01:15:48,74 --> 01:15:53,10
King's highway location I'm asking if that's
included in the cost benefit analysis

871
01:15:54,04 --> 01:15:59,09
there will be there's actually. It
shows that there's not going to be

872
01:15:59,13 --> 01:16:01,14
a loss there because this is

873
01:16:01,15 --> 01:16:06,69
a much better located location there's
sales you know projections that sales will

874
01:16:06,70 --> 01:16:12,52
come from Illinois from West County that
will be more on the path traveled for

875
01:16:12,53 --> 01:16:19,52
people to get to work in that it will
be easier for people to utilize it

876
01:16:19,58 --> 01:16:26,47
is that answering your
question. So we'll be

877
01:16:26,48 --> 01:16:30,67
closing probably closing the King's highway
location Well the kings there can only

878
01:16:30,68 --> 01:16:34,61
be one Toyota so I just want to make
sure that the closing of that the thirty

879
01:16:34,62 --> 01:16:35,33
million is not just

880
01:16:35,34 --> 01:16:41,16
a net gain that we're including in the
cost benefit analysis yes yes that's that

881
01:16:41,34 --> 01:16:45,62
that's that's where I have all those sales
are going to move over and then look at

882
01:16:45,63 --> 01:16:51,83
it. Then with my ADD my next question is
regarding to the traffic circulation there

883
01:16:52,14 --> 01:16:52,42
this is

884
01:16:52,43 --> 01:16:56,87
a confusing intersection as it is right
now will there be improvements to traffic

885
01:16:56,88 --> 01:17:01,83
circulation specifically accessing the
property by turning left coming from the

886
01:17:01,84 --> 01:17:07,60
north side well you know it's it's an
interesting question when and it is

887
01:17:08,05 --> 01:17:14,31
confusing however. What I think we've
all arrived at is that there was M.S.G.

888
01:17:14,32 --> 01:17:16,41
In an office building in you know

889
01:17:16,42 --> 01:17:21,84
a lot I mean the majority of that was
arriving eight or nine o'clock and leaving

890
01:17:21,85 --> 01:17:24,27
between four thirty and
five thirty this is

891
01:17:24,28 --> 01:17:26,48
a dealership they don't have while it's

892
01:17:26,49 --> 01:17:30,97
a similar size building they don't have
the number of employees that M.S.T.

893
01:17:30,98 --> 01:17:37,14
Would have so the implications of traffic
it will be spread out during different

894
01:17:37,15 --> 01:17:43,89
periods of the the. The day
and. With less density.

895
01:17:46,05 --> 01:17:51,67
So traffic has been looked at as part of
this yes OK Is there any signal upgrades

896
01:17:51,68 --> 01:17:58,49
included. There are there are
none anticipated things.

897
01:18:06,06 --> 01:18:10,37
That's all for me Mr Chairman.
All right woman green.

898
01:18:13,29 --> 01:18:17,31
Thank you I'm going to preface this by
actually saying my car is sitting at the

899
01:18:17,32 --> 01:18:24,25
King's highway location at the moment.
And and I you know I represent that area

900
01:18:24,26 --> 01:18:26,86
and my greatest concern really is having

901
01:18:26,87 --> 01:18:32,58
a vacant building there especially given
that you know next door we have this

902
01:18:32,94 --> 01:18:38,57
shopping area that is only fifty percent
occupied at the moment and it has been you

903
01:18:38,58 --> 01:18:38,71
know

904
01:18:38,72 --> 01:18:46,16
a challenge to to attract businesses in
into there and whether you know. Having

905
01:18:46,38 --> 01:18:46,65
you know

906
01:18:46,66 --> 01:18:51,95
a vacant property such as this will provide
further you know disincentive for for

907
01:18:51,96 --> 01:18:55,87
businesses to come into that area so I
guess what I'm really looking for is

908
01:18:55,88 --> 01:19:02,58
timeline and and clans to ensure that
that is not sitting vacant for long

909
01:19:02,59 --> 01:19:07,66
periods of time and what the commitment
is to I guess what what's the skin in the

910
01:19:07,67 --> 01:19:13,82
game how much you know and I I know that
you so that you're representing the car

911
01:19:13,83 --> 01:19:19,01
dealership not the family with the the
real estate area of it but what I guess

912
01:19:19,02 --> 01:19:22,17
incentive do they have to
be you know looking for

913
01:19:22,18 --> 01:19:28,80
a tenant looking for somebody
to lease it well. I mean they

914
01:19:28,84 --> 01:19:32,71
there they are they've told us numerous
times they're very motivated they don't

915
01:19:32,72 --> 01:19:39,13
leave land and buildings sit around.
They want to put them back to use.

916
01:19:40,26 --> 01:19:47,04
So it's sort of. Working on that is not
something that you do until you have

917
01:19:47,05 --> 01:19:51,96
a solution for the front end which is
what we're concentrating on but you know

918
01:19:51,97 --> 01:19:57,03
given that we've actually got the best of
all possible scenarios because if we have

919
01:19:57,04 --> 01:20:03,22
approval here then we know that we can
move forward with the toilet approval get

920
01:20:03,23 --> 01:20:08,68
the building plans done and then you
know there's nine to twelve months of

921
01:20:08,69 --> 01:20:13,01
construction prior to that there's all of
the bedding and everything else so we're

922
01:20:13,02 --> 01:20:13,73
accumulating

923
01:20:13,74 --> 01:20:19,45
a period of time where they can pursue the
applications that they have out there

924
01:20:19,76 --> 01:20:22,45
and say we have approval and we have

925
01:20:22,46 --> 01:20:27,57
a construction deadline
and schedule and on X.

926
01:20:27,58 --> 01:20:32,48
Date in two thousand and sixteen we'll
be moving from here to here and this

927
01:20:32,49 --> 01:20:36,49
dealership will be available
so there's there's there's

928
01:20:36,50 --> 01:20:42,64
a you know it's not like it's going to
happen overnight and there's not going to be

929
01:20:42,65 --> 01:20:44,84
in you're going to be starting
from scratch we've got

930
01:20:45,39 --> 01:20:49,61
a lot of time that's built into this where
they're going to be working on it what

931
01:20:49,62 --> 01:20:54,32
is the general timeline once an application
say you know Keogh or Hyundai you know

932
01:20:54,33 --> 01:20:59,79
accepted the application what is the
kind of turnaround time for. You know

933
01:20:59,97 --> 01:21:04,59
something died been asking somebody that
in the very beginning how many and how

934
01:21:04,60 --> 01:21:11,39
many steps is there to approval.
There is no answer. How is

935
01:21:11,40 --> 01:21:13,33
or is there a process is

936
01:21:13,34 --> 01:21:18,58
a uniform. You know much like Joe was
asking about here if you want to uniform

937
01:21:18,59 --> 01:21:25,52
process. There isn't. They ask
questions they do you answer them

938
01:21:25,68 --> 01:21:31,52
they do their own demographic studies they
ask you to do demographic studies what

939
01:21:31,72 --> 01:21:37,27
is very valuable though in this is that
Ackerman you've taken your car there

940
01:21:37,28 --> 01:21:43,35
because I mean they're great at service I
mean they are in I don't know if it's the

941
01:21:43,36 --> 01:21:49,64
top five percent it's theirs there's very
few They're in their level. Company wide

942
01:21:49,65 --> 01:21:53,65
and that's why Toyotas working with
them and in allowing them some

943
01:21:53,66 --> 01:22:00,39
a latitude on the time frame because
of their success over thirty years

944
01:22:00,40 --> 01:22:02,05
in supporting the toilet

945
01:22:02,06 --> 01:22:07,51
a brand. In my final question is and you
may not be able to answer this either but

946
01:22:08,04 --> 01:22:13,24
so if you know chiar Hyundai were to
come in are they going to say well this

947
01:22:13,25 --> 01:22:18,42
building doesn't fit our specifications
so we're going to need to do all of you

948
01:22:18,43 --> 01:22:22,73
know these these improvements renovations
and then are you coming back to us saying

949
01:22:22,74 --> 01:22:23,22
well we need

950
01:22:23,23 --> 01:22:28,62
a TAF or we're going to move out into the
county and. The interesting thing about

951
01:22:28,63 --> 01:22:35,12
Kiyan Hyundai is that they don't have any
city dealerships and so that's the focus

952
01:22:35,13 --> 01:22:41,28
is to you know that when the time comes
they Ackerman family actually own one

953
01:22:41,44 --> 01:22:48,19
previously and. They were told that if
they could locate one in the city that you

954
01:22:48,20 --> 01:22:53,39
know it would be looked at favorably So
as far as the you know what the building

955
01:22:53,43 --> 01:22:56,73
needs to service it I mean
they're looking at it that it's

956
01:22:56,74 --> 01:23:02,60
a similar situation is like Toyota was
twenty years ago you know it's smaller model

957
01:23:02,61 --> 01:23:07,24
smaller vehicles they've got the correct
size service space will they need to do.

958
01:23:07,27 --> 01:23:13,08
Something that you know I mean it's
anticipated that everything can work on

959
01:23:13,09 --> 01:23:19,66
a in in you know normal market conditions.
You know for the question thank you

960
01:23:19,88 --> 01:23:26,77
OK. Any other questions regarding this
board OK we're considered heard for

961
01:23:26,84 --> 01:23:32,30
publication purposes and then we
get the financials here on Friday.

962
01:23:34,29 --> 01:23:39,11
Will vote it out. And please
don't dump you this is

963
01:23:39,12 --> 01:23:44,45
a reflection of it's just that we
have asked for financial data in

964
01:23:44,46 --> 01:23:49,84
a standardized format for these meetings
before and we're just not you know and.

965
01:23:51,40 --> 01:23:54,50
That's not a reflection I understand
I'm going to close quickly we have

966
01:23:54,51 --> 01:23:59,79
a company who has sort of past thirty years
then in City of St Louis improving the

967
01:23:59,80 --> 01:24:04,45
space where they've been sensitive been
there. And they own the property where

968
01:24:04,46 --> 01:24:08,61
they're at and I'm sure that they are and
I've met with Jay and sat with Jay face

969
01:24:08,62 --> 01:24:13,18
to face his family can't wait to put
something else in that it is to their

970
01:24:13,19 --> 01:24:17,48
advantage he wants to stay in the city
he's going out of his way to find this

971
01:24:17,49 --> 01:24:18,95
location the M.S.T.

972
01:24:18,96 --> 01:24:23,89
Site working very hard sitting down listen
to the architect the problems they had

973
01:24:23,90 --> 01:24:30,75
to design this site were unimaginable
it actually does not fit the footprint

974
01:24:30,87 --> 01:24:34,95
but total was so impressed with the
architects work and what this can do and the

975
01:24:34,96 --> 01:24:41,94
location. This is an amazing chance for
the city of St Louis amazing chance for

976
01:24:41,95 --> 01:24:45,95
what's going to happen even right next
door to my ward where your cars are

977
01:24:45,96 --> 01:24:49,19
currently I remember that was
Clinton Cadillac when I was

978
01:24:49,20 --> 01:24:53,35
a little kid they ran out to the county
it sat abandoned Ackermann Toyota came in

979
01:24:53,36 --> 01:24:57,29
and made the most of the site I used to
walk the famous bar which is not there

980
01:24:57,30 --> 01:25:01,58
anymore by the site and what watch the
Akron people develop this these are

981
01:25:01,59 --> 01:25:06,41
wonderful people who want to stay in the
city and I think it's our job to do

982
01:25:06,42 --> 01:25:10,46
everything we can to keep this here so
in closing I know our next bill is going

983
01:25:10,47 --> 01:25:13,98
Pena bill for that I'm guessing your would
like to hold that also to I'm sorry the

984
01:25:13,99 --> 01:25:17,41
next bill I have got will gain your bills
so even though it's all for those nine

985
01:25:17,42 --> 01:25:21,04
o'clock Yeah I appreciate your time and
your concern and I will appreciate your

986
01:25:21,05 --> 01:25:25,29
favorite consideration thank you thank you
all the men and again we apologize for

987
01:25:25,30 --> 01:25:31,78
bringing you back Mr Chairman. I just
want to sic couple things because I don't

988
01:25:31,79 --> 01:25:35,36
know how many people know this but we have
two families that I know are committed

989
01:25:35,37 --> 01:25:40,29
to the city it's like those who deal in the
automotive industry that this family is

990
01:25:40,30 --> 01:25:44,69
one of them and the other one is the
sugar family and if you've watched what

991
01:25:44,70 --> 01:25:49,41
McMahon Ford has done and that area to
continue to improve and enhance the

992
01:25:49,52 --> 01:25:53,53
opportunities there I think this where
we're going here and I appreciate it thank

993
01:25:53,54 --> 01:26:00,43
you. Thank you all I mean. Why don't
we go ahead and I believe the all of

994
01:26:00,86 --> 01:26:05,09
the fifth is going to probably stick around
for the presentation we go into closed

995
01:26:05,10 --> 01:26:10,27
session so we'll hold her bill and
provide the older woman from the six the

996
01:26:10,28 --> 01:26:16,65
opportunity to speak I see our former mayors
and their presence and their presence

997
01:26:16,66 --> 01:26:23,31
today so. Thank you Mr Chairman
and most of the committee I am

998
01:26:23,32 --> 01:26:26,97
here today before you on
Resolution forty one which is

999
01:26:26,98 --> 01:26:33,66
a ten year tax abatement at thirty zero
one Spruce Street. The former mayor Jim

1000
01:26:33,67 --> 01:26:39,32
kind way has moved his business from West
pine into the spruce location A.C.I.

1001
01:26:39,33 --> 01:26:44,82
Plastics he purchased the property for
one point three million dollars and has

1002
01:26:44,83 --> 01:26:49,06
already incurred approximately five hundred
thousand dollars in construction costs

1003
01:26:49,50 --> 01:26:54,43
this area is located in an enhanced
enterprise zone which provides up to twenty

1004
01:26:54,44 --> 01:26:58,69
five years of one hundred percent tax
abatement where requesting ten for this

1005
01:26:58,70 --> 01:27:01,69
project if you're not familiar with A.C.I.

1006
01:27:01,70 --> 01:27:02,96
Plastics they are

1007
01:27:03,76 --> 01:27:09,44
a distributor in fabricator of plastic sheet
products around the country and across

1008
01:27:09,45 --> 01:27:15,54
the world they've been in business for
over forty years and their former site has

1009
01:27:15,55 --> 01:27:21,57
been sold and demolished to make way for
an apartment complex. And with that I

1010
01:27:21,58 --> 01:27:22,96
would be happy to take questions.

1011
01:27:31,50 --> 01:27:36,86
He's. Christian all the woman groups and.

1012
01:27:39,94 --> 01:27:46,73
All them and more. All are woman

1013
01:27:46,74 --> 01:27:53,43
Davis. And French. You know so we're
just trying to be clear so this is

1014
01:27:53,58 --> 01:27:59,95
a to do to. Term same
tin your tax abatement

1015
01:28:00,76 --> 01:28:04,31
what are we doing here. But I'm requesting

1016
01:28:04,32 --> 01:28:08,95
a ten year tax abatement for the construction
costs that have been incurred to the

1017
01:28:08,96 --> 01:28:12,27
up for the upgrades in the building which
have been about five hundred thousand

1018
01:28:12,28 --> 01:28:17,07
dollars and in the next year or two they
plan to. Make an additional two hundred

1019
01:28:17,08 --> 01:28:21,05
fifty thousand dollars of improvements
to the property it was formerly owned by

1020
01:28:21,06 --> 01:28:25,49
Sigma Aldridge sits in
an area that has seen

1021
01:28:25,74 --> 01:28:31,95
a bit of disinvestment over the years OK
And do we have any estimate of how much is

1022
01:28:32,16 --> 01:28:36,67
the value of that to your tax abatement if.
I don't have that information I can ask

1023
01:28:36,68 --> 01:28:42,81
Otis or Dale to step up here I know right
now the property is assessed are at pays

1024
01:28:42,82 --> 01:28:44,40
a tax about forty thousand dollars

1025
01:28:44,41 --> 01:28:50,88
a year. So it would be at least four hundred
thousand but based upon improvements

1026
01:28:50,89 --> 01:28:57,35
will be probably greater than four in two
thousand but. OK no more questions thank

1027
01:28:57,36 --> 01:29:04,23
you. For make sure I understand you did
tax abatement at what did you say what

1028
01:29:04,24 --> 01:29:11,16
was your question. The value of the in
your tax abatement OK we'll see the tax

1029
01:29:11,17 --> 01:29:17,19
abatement will continue to collect the forty
thousand so when you abate we continue

1030
01:29:17,20 --> 01:29:22,76
to collect that so it's the one on top of
that so we'll continue so we're freezing

1031
01:29:22,77 --> 01:29:27,95
that amount and they will if
the taxes were to go up as

1032
01:29:27,96 --> 01:29:32,29
a result of the improvements that's what
we're for going in this in this case so

1033
01:29:32,78 --> 01:29:36,01
which I don't know. Based on.

1034
01:29:41,65 --> 01:29:48,64
The Cup. Well I

1035
01:29:48,65 --> 01:29:55,15
guess we always do an estimate of that
value and it looks as if the money that's

1036
01:29:55,16 --> 01:30:00,20
being invested in the property would
result if there were not tax abatement and

1037
01:30:00,21 --> 01:30:01,41
about fifteen thousand

1038
01:30:01,42 --> 01:30:07,09
a year extra you know additional being paid
to the city so I mean if you if if that

1039
01:30:07,10 --> 01:30:10,46
is accurate it's always hard to come
up with that it would mean over

1040
01:30:10,47 --> 01:30:16,44
a ten year period it's one hundred fifty
thousand dollar. Value OK that makes sense

1041
01:30:17,00 --> 01:30:22,53
and the way I did the way I figure
it and this is I think can see.

1042
01:30:23,95 --> 01:30:28,61
A big number is if you assume that the and
the improvements are dollar per dollar.

1043
01:30:30,86 --> 01:30:35,59
And that's going to translate dollar per
dollar in value which probably they won't

1044
01:30:35,72 --> 01:30:40,56
but if you do that and if it's commercial
about two percent of that then and then

1045
01:30:40,57 --> 01:30:45,30
you multiply it that's kind of what I do
on my back of the arm full of analysis

1046
01:30:45,31 --> 01:30:50,29
that that makes sense and so how much is
the total project. It was one point three

1047
01:30:50,30 --> 01:30:55,20
million in the purchase cost and five
hundred thousand dollars in upgrades with

1048
01:30:55,96 --> 01:31:01,63
look into the future additional money being
spent so in this analysis if there's

1049
01:31:01,75 --> 01:31:07,00
seven hundred fifty thousand dollars and
prevents two percent of that is fifteen

1050
01:31:07,01 --> 01:31:10,86
thousand dollars times ten years one
hundred fifty thousand now that's assuming

1051
01:31:10,87 --> 01:31:14,04
that you're going to get a dollar
per dollar in growth and value as

1052
01:31:14,05 --> 01:31:18,20
a result of the seven hundred fifty
thousand dollars program that makes sense.

1053
01:31:21,37 --> 01:31:27,14
OK. Where we leave off Alderman Carter.

1054
01:31:29,49 --> 01:31:35,45
Home and Coke are. All there when Spencer
no questions oh the room green no

1055
01:31:35,46 --> 01:31:40,70
questions. Hearing no other
questions that you're all entertain

1056
01:31:40,71 --> 01:31:45,29
a motion that we recommend this out with
the DO pass recommendation so move.

1057
01:31:50,34 --> 01:31:56,72
Yes I move that we pass Resolution number
forty one out of committee with the DO

1058
01:31:56,73 --> 01:32:03,43
pass recommendation. She
moved and seconded. Man

1059
01:32:03,44 --> 01:32:09,16
Kirklees call it wrong and
Bosley. Killing. All the women.

1060
01:32:10,65 --> 01:32:17,43
All the more. I out of the
fridge Carter Ottoman

1061
01:32:17,44 --> 01:32:24,14
Coulter I don't want to spend I
want to green I German wrote.

1062
01:32:26,13 --> 01:32:32,11
Thank you Mr Chairman. A point of clarification
for the Although this was done by

1063
01:32:32,12 --> 01:32:36,48
resolution because it was an enterprise
zone or was that correct OK.

1064
01:32:42,63 --> 01:32:47,47
OK next board bill. Alderwoman Hubbert.

1065
01:32:55,00 --> 01:32:56,80
OK this is the N.G.A.

1066
01:32:56,81 --> 01:33:02,95
Itself get it OK. About one way yeah
why don't we hold off on that for

1067
01:33:02,96 --> 01:33:09,82
a second then. All. Of them

1068
01:33:09,83 --> 01:33:16,83
went down. OK I was going to say I have
someone on my tube but you will go and

1069
01:33:16,84 --> 01:33:18,03
will take your first go ahead.

1070
01:33:45,21 --> 01:33:46,64
Mr Chairman the members of the book

1071
01:33:46,84 --> 01:33:52,89
a committee this project is that two thousand
and Washington Avenue which is in the

1072
01:33:53,00 --> 01:33:58,06
near downtown area is considered
downtown west we have

1073
01:33:58,07 --> 01:34:02,69
a development project that is
renovating a commercial building into

1074
01:34:02,70 --> 01:34:09,20
a mix use and I'm going to give you the
pictures and some analysis on it as well.

1075
01:34:12,83 --> 01:34:18,58
The property was purchased for three hundred
twenty five thousand the anticipated

1076
01:34:18,59 --> 01:34:25,34
construction budget of six hundred fifty
thousand results five apartments on the

1077
01:34:25,35 --> 01:34:30,55
second floor the first floor will have
commercial space eight off street parking

1078
01:34:30,56 --> 01:34:37,51
spots and they'll also be applying for
store tax credits for the project I am

1079
01:34:37,52 --> 01:34:38,16
recommending

1080
01:34:38,17 --> 01:34:43,52
a ten year tax abatement and I think I
may have mentioned this at the last

1081
01:34:43,53 --> 01:34:46,97
opportunity I had to
present a project I have

1082
01:34:46,98 --> 01:34:52,03
a number of projects that are going to be
taking place in the near downtown area

1083
01:34:52,04 --> 01:34:55,56
that has been abandoned for
a while and you know we had

1084
01:34:55,57 --> 01:35:01,15
a lot of investment there I think in early
two thousand and mid two thousand with

1085
01:35:01,53 --> 01:35:05,31
the Tudor building majestic stoves
and all of that but we still had

1086
01:35:05,32 --> 01:35:11,72
a lot of vacant buildings. On Washington
and on Del Mar and so this is one of those

1087
01:35:12,53 --> 01:35:15,18
development projects is
going to enhance that area.

1088
01:35:19,15 --> 01:35:23,64
I'm sorry I don't have the sheet in front
me how much as you said the acquisition

1089
01:35:23,65 --> 01:35:27,47
was three hundred eighty acquisition three
hundred twenty five thousand how much

1090
01:35:27,78 --> 01:35:33,17
how much anticipated construction budget
is six hundred fifty six hundred fifty and

1091
01:35:33,18 --> 01:35:37,42
it's going to be retail on the first floor
did you say there will be retail in the

1092
01:35:37,43 --> 01:35:42,13
presidential on the second floor. It's

1093
01:35:42,14 --> 01:35:46,60
a very unique building too it's good to see
that someone is willing to get that one

1094
01:35:46,90 --> 01:35:52,33
put back online. About all the men and.

1095
01:35:53,94 --> 01:35:54,90
All the woman person.

1096
01:36:01,03 --> 01:36:05,03
I have passed out my stuff to
you so I think it's two sets of

1097
01:36:05,04 --> 01:36:11,96
a one each way and it has the announces
they're on there for you. I thought of it

1098
01:36:11,97 --> 01:36:13,03
was NOT thousand right.

1099
01:36:19,85 --> 01:36:21,80
And so it's going to continue to be

1100
01:36:21,88 --> 01:36:28,84
a mix of commercial and residential It
will be mixed use building. OK Thank you.

1101
01:36:36,74 --> 01:36:43,01
All in French. Thank you all and Carter OK

1102
01:36:43,81 --> 01:36:50,71
on quarter. What you
think. You know for me

1103
01:36:50,72 --> 01:36:55,60
my memory fails me because the bill has
been empty so long I don't even remember

1104
01:36:55,61 --> 01:36:59,03
what was there before and I don't know if
you have records of what was there before

1105
01:36:59,03 --> 01:37:05,18
. You mostly stores OK because I had not
thought activity there I know in fifteen

1106
01:37:05,19 --> 01:37:11,99
years. Alderwoman Spencer no questions

1107
01:37:12,58 --> 01:37:17,76
alderwoman green no less. And I have
no questions the chiro entertain

1108
01:37:17,77 --> 01:37:21,39
a motion that we pass out
toward Bill eighty eight with

1109
01:37:21,40 --> 01:37:28,40
a to pass recommendation.
Move the second request

1110
01:37:28,41 --> 01:37:32,36
for previous role here no objection will
consider board bill eighty eight heard

1111
01:37:33,22 --> 01:37:39,33
they can't thank you. And unless there's
an objection from the committee I'm going

1112
01:37:39,34 --> 01:37:45,17
to go ahead and ask. The counselor who is
now resident in my ward to step up and

1113
01:37:45,18 --> 01:37:49,52
explain board my board bill which is one
hundred six which I think is mostly

1114
01:37:49,53 --> 01:37:56,32
a procedural housekeeping. With Chairman
members of the committee what board bill

1115
01:37:56,33 --> 01:38:01,90
one of the six does it authorizes the
city to enter into intergovernmental

1116
01:38:01,91 --> 01:38:08,03
agreements with a C. ID and a
T.V. . The C. ID and the T.V.

1117
01:38:08,25 --> 01:38:13,72
Or the Hampton Berthold ones these were
created to help assist the tiff that was

1118
01:38:13,73 --> 01:38:18,59
done to help them. Sadie's dealer interesting
hearing all the car dealership talk

1119
01:38:18,60 --> 01:38:22,06
today. The this bill really is it's

1120
01:38:22,07 --> 01:38:27,63
a protection for the city because what
happens is. When you do these tips.

1121
01:38:29,05 --> 01:38:32,83
They sometimes need extra revenue
and the C. Idea and the T.V. D.

1122
01:38:33,09 --> 01:38:38,27
Are there to generate the extra revenue
and the city wants to be sure that the

1123
01:38:38,28 --> 01:38:41,23
developer keeps the T.D.D. And the C.

1124
01:38:41,24 --> 01:38:47,75
ID in place for the term of the tiff that
they keep the tax at the anticipated tax

1125
01:38:47,76 --> 01:38:52,59
rate and that they pay the money over to
the comptroller's office so that's really

1126
01:38:52,60 --> 01:38:58,67
all this agreement is do is. Contractually
bind to see ID and the T.T.D.

1127
01:38:58,95 --> 01:39:05,70
To perform those obligations. So we are
talking about those tools earlier that

1128
01:39:05,71 --> 01:39:12,11
these are Site Specific T.D.'s
and see I.D.'s so. It's

1129
01:39:12,12 --> 01:39:18,91
a car dealership so the car sales the
taxes on the car sales go to the county.

1130
01:39:21,23 --> 01:39:26,70
To the to the resident county of the acquirer
of the car as we discussed previously

1131
01:39:26,99 --> 01:39:33,99
so the city gets none of those
sales taxes and these. Do not

1132
01:39:34,00 --> 01:39:39,66
apply to does not apply to the car sales
but it does apply to other services to all

1133
01:39:39,67 --> 01:39:45,20
the parts are services that are current
there so only the people getting their car

1134
01:39:45,21 --> 01:39:51,27
service that these at that location are
paying those taxes and the fact that those

1135
01:39:51,28 --> 01:39:57,87
taxes are being paid is accelerating our
at least servicing the tiff note that was

1136
01:39:57,88 --> 01:40:03,22
put into place to get them to locate there
in the first place so does the everybody

1137
01:40:03,23 --> 01:40:10,11
kind of follow that. And this
is. It was a point it was

1138
01:40:10,12 --> 01:40:14,16
a two point eight million dollar
tip for a project that was about

1139
01:40:14,17 --> 01:40:17,34
a twenty million dollars project out in
all this and the last and fifteen percent

1140
01:40:17,35 --> 01:40:24,05
of project costs. Are there
any questions of. Myself or

1141
01:40:24,06 --> 01:40:30,87
Bill regarding board bill number
one zero six. I guess I should go

1142
01:40:30,88 --> 01:40:37,02
through the list of. All
the woman crews and.

1143
01:40:39,84 --> 01:40:44,64
All the woman Davis No questions
in French of course over and order

1144
01:40:45,05 --> 01:40:51,10
a quick home and go car all the rooms
been served no questions all in green no

1145
01:40:51,11 --> 01:40:55,05
question. It's your request motion for

1146
01:40:55,06 --> 01:40:57,91
a previous role army no
I guess we need to get

1147
01:40:58,55 --> 01:41:05,08
a move that we passed out of committee and
we've. Been Moved and seconded requests

1148
01:41:05,09 --> 01:41:09,48
for previous role hearing no objections
will concerted board bill heard one of the

1149
01:41:09,49 --> 01:41:15,00
six heard and passed out of
committee. Now we are down to.

1150
01:41:17,88 --> 01:41:23,24
The last of the board bills board bill one
seventeen and now you're going to have

1151
01:41:23,25 --> 01:41:27,67
to help me here because we are going to get
an update on this I guess at some point

1152
01:41:27,68 --> 01:41:30,84
but that would be after
this is correct so.

1153
01:41:39,39 --> 01:41:43,77
OK why don't we go ahead and just stop for
just one second before we take this up

1154
01:41:43,78 --> 01:41:48,86
because. While we're here
in public session and yet.

1155
01:41:50,94 --> 01:41:51,86
When we sent you

1156
01:41:51,87 --> 01:41:56,00
a letter kind of asking you an update
on the things that were underway and

1157
01:41:56,01 --> 01:42:00,19
a kind of commitment on when we would get
our business plan and all the things that

1158
01:42:00,65 --> 01:42:04,31
you appeared in front of the committee
last time and we had never gotten

1159
01:42:04,32 --> 01:42:11,28
a response back from that
letter so. I don't know if

1160
01:42:11,29 --> 01:42:11,89
you were in

1161
01:42:11,89 --> 01:42:18,28
a position to comment on that today but if
if you are great if not. Led to service

1162
01:42:18,29 --> 01:42:24,66
and reminder that we're waiting to hear
back from you on our. Actions underway that

1163
01:42:25,50 --> 01:42:28,18
OK and then our committee had

1164
01:42:28,22 --> 01:42:33,92
a number of requests from. At our from
our last meeting and forgive me there's

1165
01:42:33,93 --> 01:42:37,37
a lot of e-mails that were flying back
and forth that people got copied on to

1166
01:42:37,38 --> 01:42:44,37
everybody get what they wanted one that
you all did. And that's why I'm asking

1167
01:42:44,38 --> 01:42:49,88
now before we take this
is are you people I get

1168
01:42:49,89 --> 01:42:54,90
a little fuzzy on who asked for was going
to get what they wanted from either S L B

1169
01:42:54,91 --> 01:42:56,49
C R or C.D.A.

1170
01:42:56,50 --> 01:43:01,92
From our last meeting there were some
information. That we requested on to pay off

1171
01:43:01,93 --> 01:43:07,77
notes and stuff like that.
I got some information on.

1172
01:43:09,24 --> 01:43:12,52
On the commercial district that I need
clarification on that I was going to share

1173
01:43:12,53 --> 01:43:16,80
with everyone it was there anything else
lacking that we should ask about before we

1174
01:43:17,01 --> 01:43:23,89
take this up and. I'm going to see that

1175
01:43:23,90 --> 01:43:24,28
everybody.

1176
01:43:30,89 --> 01:43:37,23
That was on that. OK.

1177
01:43:40,27 --> 01:43:43,82
OK I I got some and I kind of
skim through some of it and I get

1178
01:43:43,83 --> 01:43:47,29
a little fuzzy it's just the all the woman
from the twentieth I know you had asked

1179
01:43:47,30 --> 01:43:51,15
for some of them I did and I was looking
Were you satisfied with what they got back

1180
01:43:51,16 --> 01:43:57,89
to you with. I did not understand
and that was my request was

1181
01:43:57,90 --> 01:44:03,95
completed and so at the end so I'm
looking now to see it but at I didn't.

1182
01:44:05,38 --> 01:44:08,98
I didn't feel like Mary spoke quite right
as I could have been I will be happy to

1183
01:44:08,99 --> 01:44:13,12
look later but I didn't feel it when I came
into this meeting that my right request

1184
01:44:13,13 --> 01:44:19,92
had been completed OK Do you feel comfortable
just follow. On Yes I do. If there's

1185
01:44:19,93 --> 01:44:25,47
anybody else please feel free to follow up
on their own and if you're right I can't

1186
01:44:25,48 --> 01:44:28,96
imagine that you would have any problem
getting information but if you aren't

1187
01:44:28,97 --> 01:44:35,65
getting it please feel free to bring it up
at our next meeting. In this. Response.

1188
01:44:36,74 --> 01:44:42,65
OK So the request is that we get responses
for the whole committee then. OK.

1189
01:44:43,76 --> 01:44:47,99
All the one why don't we go ahead and turn
it over to you we'll take this up now

1190
01:44:48,00 --> 01:44:54,43
while we're in public session board
bill number one seventeen. Thank you Mr

1191
01:44:54,44 --> 01:44:58,91
Chairman and members of the committee I'm
here on behalf of board bill one seven

1192
01:44:58,92 --> 01:45:00,39
scene and what I would do is provide

1193
01:45:00,82 --> 01:45:06,33
a brief summary of it and then let you
know if answer some of the questions and

1194
01:45:06,34 --> 01:45:10,67
then I can answer some to as we proceed
into the public presentation of where we

1195
01:45:10,68 --> 01:45:12,49
are or with N.G.A.

1196
01:45:12,97 --> 01:45:16,94
The purpose of this bill is to facilitate
additional funding for property

1197
01:45:16,95 --> 01:45:22,20
acquisition and other costs associated
with this family of approximately one

1198
01:45:22,21 --> 01:45:27,58
hundred acres one hundred acre site for
the Western headquarters of M.G.M.

1199
01:45:27,58 --> 01:45:33,45
. The bill accomplices that purpose
through the filing first did authorize

1200
01:45:33,46 --> 01:45:38,69
a St Louis Minister for Financial Corporation
to obtain alone in either the amount

1201
01:45:39,00 --> 01:45:43,97
of thirteen million and no other debt is
refinanced as part of the loan or twenty

1202
01:45:43,98 --> 01:45:48,63
million of debt associated with fifteen
twenty Market Street his refinanced as

1203
01:45:48,64 --> 01:45:54,01
a part of the loan. It also authorizes the
assignment of the base lease and lease

1204
01:45:54,02 --> 01:45:58,78
on fifteen twenty more to shriek which is
the office building is the federal former

1205
01:45:58,79 --> 01:46:03,22
federal able to build and city hall
waste is what we call it and a permits

1206
01:46:03,23 --> 01:46:07,34
a mortgage to be placed on the fifteen
twenty Market Street office building as well

1207
01:46:07,35 --> 01:46:11,21
as to other an incumbent city park because
they're required to secure them while.

1208
01:46:12,50 --> 01:46:15,17
The portion of the loan
directly related to the N.G.A.

1209
01:46:15,18 --> 01:46:16,72
Project will take the form of

1210
01:46:16,73 --> 01:46:21,63
a line of credit which will be drawn
as needed primarily to pay the cost of

1211
01:46:21,64 --> 01:46:24,92
acquiring options that would
be exercised only if N.G.A.

1212
01:46:24,93 --> 01:46:28,84
Selected aside some funds would be
used to acquire property even on

1213
01:46:28,85 --> 01:46:33,99
a prefers to sale our right rather than
Grant only an option to purchase some of

1214
01:46:34,00 --> 01:46:38,92
the funds also will be used for environmental
remediation relocation and some what

1215
01:46:38,93 --> 01:46:42,26
cost. If N.G.A.

1216
01:46:42,27 --> 01:46:48,33
Selects the site. That S L M F C loan will
be repaid through proceeds of the sale

1217
01:46:48,34 --> 01:46:49,98
of the property to the N.G.A.

1218
01:46:50,40 --> 01:46:52,75
Or a bond issue secured by one

1219
01:46:52,79 --> 01:46:56,25
a portion of the state income tax
revenues generated by N.G.A.

1220
01:46:56,34 --> 01:46:58,58
Up to twelve million per year and to

1221
01:46:58,59 --> 01:47:01,94
a portion of the city earnings
tax revenue by the N.G.A.

1222
01:47:01,95 --> 01:47:03,34
Of the one point five million

1223
01:47:03,35 --> 01:47:07,88
a year which may be allocated from
Northside since revenue after the India

1224
01:47:07,89 --> 01:47:12,27
completes the project and takes I can
see the state currently receives over

1225
01:47:12,28 --> 01:47:14,84
a million a year in income
tax revenues from A.J.

1226
01:47:14,85 --> 01:47:17,84
Employees and all the women
I eat dinner do we have

1227
01:47:17,85 --> 01:47:21,18
a deal summary on this at all. Is.

1228
01:47:26,00 --> 01:47:31,81
OK OK it's just these numbers are wrong by
faster than I can keep keep up with them

1229
01:47:31,81 --> 01:47:38,80
. If

1230
01:47:38,81 --> 01:47:42,03
you like I'll refrain from getting into
the meat of the numbers because it's

1231
01:47:42,04 --> 01:47:47,70
actually going to come up
in his presence and. More.

1232
01:47:50,38 --> 01:47:57,18
So but the bottom line is this board
bill is authorizing us to take

1233
01:47:57,19 --> 01:48:03,98
a loan out against. Against what the
market property is that right Iraq.

1234
01:48:06,16 --> 01:48:10,54
You've got to have that you know you
don't have. If you want to we can move

1235
01:48:10,55 --> 01:48:16,17
directly to that discussion if you like.
You need to go in the close session now

1236
01:48:16,18 --> 01:48:20,03
than I think what I can do in the
public setting is give you just

1237
01:48:20,04 --> 01:48:24,18
a little more background on maybe some
of the acquisitions and then get to the

1238
01:48:24,19 --> 01:48:30,96
numbers real quick. But I do
have. This. As real estate

1239
01:48:31,20 --> 01:48:36,83
so the cost. Part one of my
consultants here is we've got

1240
01:48:36,84 --> 01:48:40,76
a time crunch and we can get right into the
numbers and allow him to leave to catch

1241
01:48:40,77 --> 01:48:45,68
a plane and we would be able to stuff we
could go into closed session that would be

1242
01:48:45,69 --> 01:48:52,17
very helpful. To. Talk
about. The fact that the.

1243
01:48:53,84 --> 01:49:00,04
Right now so yeah so the question as to
the status of where we are in the real

1244
01:49:00,05 --> 01:49:05,09
estate as opposed to the negotiations we
could do in public but the reason I want

1245
01:49:05,10 --> 01:49:10,41
to go into private is to talk about numbers
and some personality and I personality

1246
01:49:10,65 --> 01:49:16,91
but personal kinds of things that I think
the board may be transactional kind of in

1247
01:49:16,92 --> 01:49:22,80
a fight and we identify addresses cost
and everything involving in real estate

1248
01:49:23,07 --> 01:49:27,75
right you should not be doing it in public
so so that's why I'm saying that we

1249
01:49:27,76 --> 01:49:33,40
point of order though if we are we
discussing board bill one seventeen.

1250
01:49:34,74 --> 01:49:41,17
We can do that in close session right now
I wish we. So so maybe I what I can add

1251
01:49:41,21 --> 01:49:43,86
is that I think we can discuss

1252
01:49:43,90 --> 01:49:48,92
a lot of that but what I would like to do
as far as the financial part of that and

1253
01:49:48,93 --> 01:49:55,23
the trends action apart I'd like to be
do that and close the transactional part

1254
01:49:55,24 --> 01:50:00,32
closed the session now and then reopen it
is that what you're requesting Yes way is

1255
01:50:00,33 --> 01:50:05,67
that you time of the transactional part
related to board bill one seventeen. Yes.

1256
01:50:09,62 --> 01:50:16,52
What I was. Really

1257
01:50:16,60 --> 01:50:23,60
like. Is because our court
is going to stay bad.

1258
01:50:25,14 --> 01:50:27,60
I guess Initially the plan was to give

1259
01:50:27,61 --> 01:50:30,49
a provider of day part to
us given the board B.-O.

1260
01:50:30,50 --> 01:50:36,76
But I guess with the tight time constraint
we had to. Bump it all in one so I think

1261
01:50:36,77 --> 01:50:39,85
there is some overlay there there are
some things we probably shouldn't be

1262
01:50:39,86 --> 01:50:40,92
discussing Do you have

1263
01:50:40,93 --> 01:50:43,75
a question that we go into closed
session and then come back out

1264
01:50:43,76 --> 01:50:48,08
a closed session to discuss the board bill
then is that I'm just trying to expedite

1265
01:50:48,09 --> 01:50:53,94
the process them OK I mean no way I'm OK
with that if they tells me I'm OK with it

1266
01:50:53,95 --> 01:50:58,99
I'm not. You know ask for money I know I'm
supposed to read something before I go

1267
01:50:58,100 --> 01:50:59,09
in

1268
01:50:59,10 --> 01:51:06,12
a closed chairman or do you hear me
some point where. Yes but I don't even

1269
01:51:06,13 --> 01:51:09,97
know what the board bill I mean I've got
in front of me and I'm reading it but

1270
01:51:10,39 --> 01:51:14,37
could we get an overview on the on the board
bill we can do the overview first and

1271
01:51:14,41 --> 01:51:19,39
OK get the big picture before we dive
into the details OK thank you both.

1272
01:51:22,98 --> 01:51:29,57
OK I mean it's kind of. Awkward to talk
about it without talking about it because

1273
01:51:29,58 --> 01:51:35,99
that's what it's comprised of but. In
summary I guess what this war bill does is

1274
01:51:36,03 --> 01:51:42,85
authorizes the city to use some point your
resources that it may have to acquire

1275
01:51:42,93 --> 01:51:48,56
additional funding to do something do
things that environmental remediation

1276
01:51:48,57 --> 01:51:54,24
relocation costs and similar things to
get this site properly assembled for the

1277
01:51:54,25 --> 01:51:55,55
federal government and there is

1278
01:51:55,56 --> 01:52:02,01
a timeframe on that. The specifics
of it is definitely in the

1279
01:52:02,29 --> 01:52:02,81
board be

1280
01:52:02,82 --> 01:52:08,27
a but he can give some over your background
information on. How this will actually

1281
01:52:08,28 --> 01:52:14,99
be structured and how. Will utilize the
means we have to acquire the additional

1282
01:52:15,00 --> 01:52:16,10
funding that's needed.

1283
01:52:22,48 --> 01:52:25,71
Is there any questions this time
specifically related to the board B.-O.

1284
01:52:25,72 --> 01:52:26,92
As it stands.

1285
01:52:36,73 --> 01:52:38,17
Yet more below one seventeen.

1286
01:52:45,21 --> 01:52:50,40
Or would it be best for us to go into closed
session let's take some questions then

1287
01:52:50,41 --> 01:52:50,92
open back

1288
01:52:50,93 --> 01:52:57,74
a little so that we don't need to go to
both of you for me to discuss this. And if

1289
01:52:57,75 --> 01:53:04,66
you don't mind I want to. Go
right to it. If you go to. The

1290
01:53:04,88 --> 01:53:10,44
package that you have in front of
front and back and if you would just

1291
01:53:10,45 --> 01:53:16,24
a brief summary of. The milestone
that we've covered thus far.

1292
01:53:17,79 --> 01:53:23,45
And sort of an update I'm out. This all
began with the announcement by the N.G.A.

1293
01:53:23,46 --> 01:53:30,31
Back in April of two thousand and fourteen.
So in September of twenty fourteen the

1294
01:53:30,32 --> 01:53:37,09
National Environmental Policy Act
study. Was going to was conducted on

1295
01:53:37,65 --> 01:53:44,28
started on all six sites.
And essentially. For the

1296
01:53:44,79 --> 01:53:51,69
for the sites continue to be in play
two of the sites worry. Withdrawn

1297
01:53:52,00 --> 01:53:57,40
from consideration. Back in December of
twenty fourteen the first public meetings

1298
01:53:57,41 --> 01:54:02,04
were held. On our site here in the city
that were actually three public meetings.

1299
01:54:03,88 --> 01:54:06,97
So in August of this year and

1300
01:54:06,98 --> 01:54:12,57
a couple of months the results of that study
of the draft results will actually be

1301
01:54:12,58 --> 01:54:14,47
published by the G.A.O.

1302
01:54:14,48 --> 01:54:20,79
And by the Corps of Engineers it will
provide comments on all of the site and so

1303
01:54:20,99 --> 01:54:25,30
they will also they will then again
and September of this year start

1304
01:54:25,34 --> 01:54:32,27
a nother public hearing process
for each of the four sites and

1305
01:54:32,28 --> 01:54:39,20
between September of this year and March
of next year. The what I call the

1306
01:54:39,27 --> 01:54:42,55
problems that may be identified
with each of the sites there is

1307
01:54:42,56 --> 01:54:49,35
a time for cure. So the March to
June twenty sixth actually is the

1308
01:54:49,36 --> 01:54:55,12
process then actually we expect sometime
between March and June of next year that

1309
01:54:55,13 --> 01:55:02,10
will be complete. As you
remember in March of

1310
01:55:02,11 --> 01:55:07,00
this year the board passed board bill
two sixty three that authorized us to

1311
01:55:07,12 --> 01:55:09,70
commence the acquisition and

1312
01:55:09,71 --> 01:55:13,96
a stipulation that we come
back to the board if we need

1313
01:55:14,58 --> 01:55:21,45
a domain come back to the House committee
and to the board. The good news is that.

1314
01:55:22,77 --> 01:55:24,87
Following that we were able to coordinate

1315
01:55:24,88 --> 01:55:31,82
a negotiated with the with the state.
For the legislature to pass the House

1316
01:55:31,83 --> 01:55:35,70
Bill five fourteen and the governor
subsequently signed it just

1317
01:55:35,71 --> 01:55:38,86
a couple days ago and in essence give you

1318
01:55:38,87 --> 01:55:44,74
a summary of what that is essentially. Later
on in the presentation so in March of

1319
01:55:44,75 --> 01:55:45,69
two thousand and sixteen

1320
01:55:46,44 --> 01:55:53,22
a final psychoanalysis will begin and
be part of that decision process and it

1321
01:55:53,23 --> 01:55:58,08
consider the things that are listed there
so between March and September they would

1322
01:55:58,09 --> 01:56:02,41
then do a final site
selection. And then offer

1323
01:56:02,42 --> 01:56:09,40
a purchase agreement for us to review and
agree to and. At that point we would then

1324
01:56:09,41 --> 01:56:13,28
be able to start once you're
designated You can then you have about

1325
01:56:13,29 --> 01:56:20,03
a year to get the site ready to turn
over to them for. As sort of an

1326
01:56:20,04 --> 01:56:26,20
unencumbered title and that would be March
seventeenth. So the next slide is really

1327
01:56:26,21 --> 01:56:32,25
a summary of the ownership that we currently
have on the site you can see many of

1328
01:56:32,26 --> 01:56:39,04
you probably follow yesterday's actions
by the court by. Foreclosure process.

1329
01:56:40,24 --> 01:56:45,69
So we originally had three eighty two
here for the number that was owned by.

1330
01:56:48,63 --> 01:56:54,53
Generation that now is three forty
to forty of the properties worse.

1331
01:56:55,65 --> 01:57:00,02
Or close down yesterday and current. You
know in the ownership of type fish you can

1332
01:57:00,03 --> 01:57:05,88
see that the other. Properties there are
sort of categorized you see one that says

1333
01:57:05,89 --> 01:57:11,28
eighty one That means there are eighty one
separate. Property owners at home one

1334
01:57:11,29 --> 01:57:17,87
property and the overlay here shows that
there are really what we have five hundred

1335
01:57:17,88 --> 01:57:23,13
fifty parcels in the area there's really
only one hundred and nine owners that we

1336
01:57:23,14 --> 01:57:29,89
are dealing with. The next.
Slide that shows by property

1337
01:57:29,90 --> 01:57:36,88
type. What we're dealing with here
primarily vacant lots the seventy percent

1338
01:57:36,89 --> 01:57:43,76
of our vacant. The next largest
category is sixteen percent. Or

1339
01:57:43,80 --> 01:57:49,63
residential. Properties that weird that
we're dealing with and you can see the make

1340
01:57:49,64 --> 01:57:55,56
up of what the others look like and so the
key here is I want to be sure everybody

1341
01:57:55,56 --> 01:58:00,68
understood is that on the very next slide
it talks about the acquisition process.

1342
01:58:02,10 --> 01:58:07,62
And the acquisition process starts with
the title search then at that point we

1343
01:58:07,63 --> 01:58:14,07
notified the property owners letter
was sent appraisals watered and

1344
01:58:14,08 --> 01:58:20,88
received. A second letter was sent with
an offer and there was some confusion

1345
01:58:20,89 --> 01:58:24,39
about there being just ten
days for people to really make

1346
01:58:24,40 --> 01:58:30,37
a decision what that meant. In essence
what we were hoping to have is just

1347
01:58:30,38 --> 01:58:35,94
a response and then it we will follow up
with the negotiation with contact and so I

1348
01:58:35,95 --> 01:58:37,47
think we've been able to clarify that with

1349
01:58:37,48 --> 01:58:44,36
a number of folks. The negotiations
process is underway and then

1350
01:58:44,37 --> 01:58:50,87
we would then move to having people on the
contract. The acquisition status which

1351
01:58:50,88 --> 01:58:55,87
is the very next page shows where we are
in that process we are at the negotiation

1352
01:58:55,88 --> 01:59:02,45
stage with almost all of these parcels.
Some of straggling because of various

1353
01:59:02,46 --> 01:59:08,01
things that we have to work through but
you can see the status of where we are at

1354
01:59:08,02 --> 01:59:10,96
this point. So just a summary of

1355
01:59:10,97 --> 01:59:17,55
a state legislation that we currently have.
It allows the state acting through the

1356
01:59:17,59 --> 01:59:24,58
Department of Economic Development.
To work with the city which in

1357
01:59:24,59 --> 01:59:26,50
this case they all C.R.A.

1358
01:59:26,78 --> 01:59:27,28
To enter into

1359
01:59:27,29 --> 01:59:32,42
a financing agreement to retain employees
the legislation just basically says two

1360
01:59:32,43 --> 01:59:39,32
thousand and geospatial but it pretty well
specifies. It's specific in the sense

1361
01:59:39,33 --> 01:59:44,00
that it needs to be at least two thousand
and well used. In the intelligence field

1362
01:59:44,91 --> 01:59:47,99
financial agreement with the law for their
procreation and disbursement for up to

1363
01:59:48,00 --> 01:59:54,89
thirty years of state tax income.
Tax let me just interrupt they

1364
01:59:54,90 --> 01:59:59,51
get by by city ordinance we have to keep
this they have five more minutes on here

1365
01:59:59,52 --> 02:00:05,94
so we may interrupt you couple minutes
to OK after our Hotshots. So in essence

1366
02:00:06,49 --> 02:00:11,69
it was inferred earlier that the state
currently the state's withholding tax is

1367
02:00:11,70 --> 02:00:15,63
collected and in the amount currently
by the employees by thirty one hundred

1368
02:00:15,64 --> 02:00:18,22
employees they are now
amounts to about eight and

1369
02:00:18,23 --> 02:00:20,43
a half million dollars between eight and

1370
02:00:20,44 --> 02:00:27,27
a half million dollars. And so.
The States has seen fit to

1371
02:00:27,31 --> 02:00:34,13
appropriate up to twelve million dollars
per year. Of their withholding tax

1372
02:00:34,83 --> 02:00:40,40
from the site and the way they came to
that number is that there may be. More

1373
02:00:40,41 --> 02:00:46,41
employees that may be included in this
later on and also inflation but we do

1374
02:00:46,42 --> 02:00:49,31
believe that the negotiation
piece of this will start of

1375
02:00:49,32 --> 02:00:55,86
a different level. So additionally we
will get the brownfield tax credits that.

1376
02:00:57,56 --> 02:01:04,23
We get that either way. The
state. Commitment is only based

1377
02:01:04,24 --> 02:01:09,45
on the site being selected. So on the on
the next side is really quite. We are

1378
02:01:09,69 --> 02:01:16,38
asking what they all the woman to
refer to in the board bill. Is

1379
02:01:16,39 --> 02:01:23,16
that the state would really like to see
the city commitment to this as well and

1380
02:01:23,17 --> 02:01:28,63
so. Our puzzle is that the site is in

1381
02:01:28,67 --> 02:01:35,37
a. In the. Chip area which
would require that fifty

1382
02:01:35,38 --> 02:01:40,54
percent of the earnings taxes would be
devoted they are you anyway and so at the

1383
02:01:40,55 --> 02:01:46,49
state they were if it was selected and
once the site is occupied fifty percent of

1384
02:01:46,50 --> 02:01:51,60
the earnings tax would go into the special
occasion fund anyway and so what we are

1385
02:01:51,61 --> 02:01:58,35
asking is is that. There will be an
appropriation that will begin now spent of

1386
02:01:58,36 --> 02:02:02,51
a. Where we just pause for just

1387
02:02:02,52 --> 02:02:08,46
a second to change the table take the. City
ordinance were acquired to record these

1388
02:02:08,47 --> 02:02:09,50
and price them off them.

1389
02:02:29,81 --> 02:02:30,07
Yes.

1390
02:02:39,39 --> 02:02:46,38
OK we're. Already. OK. So I

1391
02:02:46,39 --> 02:02:53,24
was explaining the one point five
up to one point five. And clearly

1392
02:02:53,28 --> 02:02:57,54
right now the earnings potential I mean
the collective earnings tax is about two

1393
02:02:57,55 --> 02:03:01,81
point three So we're also talking about
this actually starting from a base

1394
02:03:01,82 --> 02:03:06,32
a little lower than one point five but
being able to potentially move up to one

1395
02:03:06,33 --> 02:03:12,12
point five If in fact we gain more employees
or through inflation over the over the

1396
02:03:12,13 --> 02:03:18,23
period of time. So the
state's commitment is for

1397
02:03:18,24 --> 02:03:23,50
a. Thirty year period and
so we would look for

1398
02:03:23,73 --> 02:03:30,59
a companion timeframe for him from the city
as well. The board bill would authorize

1399
02:03:30,60 --> 02:03:32,92
the municipal finance
corporation to obtain

1400
02:03:32,93 --> 02:03:39,69
a loan. And this is in the amount of thirteen
million if there is no debt refinance

1401
02:03:40,04 --> 02:03:46,13
or twenty million dollars if the. If that
is associated with. With the fifteen

1402
02:03:46,14 --> 02:03:50,52
twenty market is refinance if the debt
associated with fifteen market fifteen

1403
02:03:50,53 --> 02:03:56,16
twenty market is refinanced as part of
the long it will be twenty million.

1404
02:03:57,95 --> 02:03:58,81
And if there was

1405
02:03:58,82 --> 02:04:03,69
a need to do collateral then it would
authorize the use of the three properties

1406
02:04:03,70 --> 02:04:07,73
listed as potential collateral and it's
fifteen twenty market in one thousand nine

1407
02:04:07,74 --> 02:04:12,61
hundred Hampton and fourteen
fifteen. North thirteenth Street.

1408
02:04:14,99 --> 02:04:17,83
And sort of a summary it
authorizes they'll C.R.A.

1409
02:04:17,84 --> 02:04:20,16
To negotiate into if I enter into

1410
02:04:20,17 --> 02:04:24,55
a financial agreement with the state by
the state funds will be capped at twelve

1411
02:04:24,56 --> 02:04:29,58
million dollars But where they initial
contribution from the state will be much

1412
02:04:29,59 --> 02:04:34,06
less than the twelve million the cost of
based on the current employee withholding

1413
02:04:34,07 --> 02:04:39,71
taxes. And the city contribution will be
from the earnings tax capped at one point

1414
02:04:39,72 --> 02:04:44,20
five million and the funds initially from
tax revenue generated from the current

1415
02:04:44,21 --> 02:04:49,26
site and then followed by the allocation
of the Tiffany from the local to district

1416
02:04:49,26 --> 02:04:55,90
. And so I want to end by just going

1417
02:04:55,97 --> 02:05:02,86
on to what the own going
actions are. Currently. We are

1418
02:05:03,79 --> 02:05:09,42
having discussions have been negotiating
with the utilities about the abandonment

1419
02:05:09,43 --> 02:05:15,08
of rerouting of all the utilities their
design of that is already committing for

1420
02:05:15,16 --> 02:05:20,14
a schedule. The. Department of
Natural Resources has appointed

1421
02:05:20,15 --> 02:05:24,97
a project manager who is working to work
with us on the environmental issues we

1422
02:05:24,98 --> 02:05:28,85
hired a project manager in
W H who is coordinating

1423
02:05:29,49 --> 02:05:33,33
a lot of our efforts to include
master planning around the site in

1424
02:05:33,34 --> 02:05:40,21
a facing with. A company called Urban to
design associates who is been hard by

1425
02:05:41,12 --> 02:05:45,60
the choice neighborhood effort to make
sure that I efforts all coordinated so the

1426
02:05:45,61 --> 02:05:49,77
choice neighborhood effort being
led by McCormick bear and C.D.A.

1427
02:05:49,77 --> 02:05:56,66
. And for the housing folks that all of
that is coordinated that the utility

1428
02:05:57,05 --> 02:06:01,40
Vandeman and relocation is actually coordinated
and the street in Alibek Asian will

1429
02:06:01,41 --> 02:06:08,09
be coming back to the board obviously
to get that get those done. We are

1430
02:06:08,37 --> 02:06:14,47
big having discussions with the state and
that is ongoing and we are continuing to

1431
02:06:14,48 --> 02:06:18,32
coordinate the financial support and all
of the acquisitions so those are the

1432
02:06:18,33 --> 02:06:23,71
things that are currently ongoing and I'm
open for questions except for if we would

1433
02:06:23,80 --> 02:06:24,25
if we have

1434
02:06:24,26 --> 02:06:29,09
a specific question about finances I'd like
to move into executive session to cover

1435
02:06:29,09 --> 02:06:29,09
.

1436
02:06:36,16 --> 02:06:42,89
Are there. I guess what
we'll do is. See if there's

1437
02:06:43,27 --> 02:06:48,89
any questions now and then well I wonder
can emotionally go into executive session

1438
02:06:49,07 --> 02:06:55,77
and then. So all the women crew some do
you have any questions part of us going

1439
02:06:55,78 --> 02:07:01,45
into executive session I do my questions
are of an overall nature not any specific

1440
02:07:01,46 --> 02:07:08,34
negotiations. Is the board of
Alderman authorized to mortgage city

1441
02:07:08,35 --> 02:07:15,20
property. Any time for any reason
or I wasn't aware that we were

1442
02:07:15,24 --> 02:07:16,93
but. From

1443
02:07:16,94 --> 02:07:23,19
a legal perspective defer to the
lawyers. Mark Green with yes

1444
02:07:23,92 --> 02:07:29,79
the charter specifically authorized the
Board of Aldermen to mortgage city property

1445
02:07:29,79 --> 02:07:36,62
. Goodness. And the that's
interesting. Well maybe I should say

1446
02:07:36,99 --> 02:07:42,56
but you can't Yeah I mean and that's
that's not uncommon among charter every

1447
02:07:42,57 --> 02:07:47,86
charter city in that in the state has that
power and so it's not it's not uncommon

1448
02:07:48,59 --> 02:07:53,81
the I should say that you know and i Beacon
can speak on behalf of the municipal

1449
02:07:53,82 --> 02:07:58,39
finance corporation but the meanest parents
corporation does financings all the

1450
02:07:58,40 --> 02:08:04,82
time were that encumber city property
that's frequently done through long term

1451
02:08:04,83 --> 02:08:11,52
lease agreements. But charter
doesn't allow it and in this case.

1452
02:08:13,61 --> 02:08:19,79
The board it's been requested that the. And
that's one of the reasons that for the

1453
02:08:19,80 --> 02:08:25,87
board bill is to request that. This will
announce corporation to have that power if

1454
02:08:25,88 --> 02:08:31,24
needed to secure to suit to secure
this obligation as opposed to the.

1455
02:08:32,62 --> 02:08:37,23
More common long term lease agreement which
gets you close but not quite the same

1456
02:08:37,24 --> 02:08:43,54
thing. Who is the municipal
finance corporation. It's not got

1457
02:08:43,55 --> 02:08:44,60
a name or it's just

1458
02:08:44,61 --> 02:08:51,89
a list Minister of Finance
Corporation Oh no. This

1459
02:08:52,04 --> 02:08:56,69
isn't. The St Louis minus
the answer Corp is

1460
02:08:56,70 --> 02:09:03,17
a five hundred one c three
organization that is used to borrow.

1461
02:09:04,83 --> 02:09:11,52
Debt on behalf of the city with
an asset pledged I am president

1462
02:09:11,93 --> 02:09:18,52
of the St Louis Miss for Finance
Corporation and there are many of our in

1463
02:09:18,53 --> 02:09:25,13
cities around the city indeed
that are. Improved via

1464
02:09:25,69 --> 02:09:32,43
the St Louis Miss Finance Corporation
including fifteen twenty Market Street the

1465
02:09:32,44 --> 02:09:39,23
jail cross the street the justice
center Civil Courts Building. We

1466
02:09:39,24 --> 02:09:45,09
have done the parks deal nowhere Thank you
yes many of them and in this case what's

1467
02:09:45,10 --> 02:09:51,68
important is that. While Otis
indicated there might be

1468
02:09:51,69 --> 02:09:57,96
three parcels of land for collateral
we've got it down to just one

1469
02:09:58,80 --> 02:10:05,46
and fifteen twenty market is going
to be the only piece of collateral

1470
02:10:05,47 --> 02:10:12,14
needed for this financing and. Peter
had to leave but we've been working on

1471
02:10:12,15 --> 02:10:15,29
this you know for two or three weeks

1472
02:10:15,30 --> 02:10:21,74
a year more than that how about six or
seven Anyhow we have a center kid we have

1473
02:10:21,75 --> 02:10:28,55
a syndicate of local banks.
Enterprise bank. The

1474
02:10:28,56 --> 02:10:34,47
full bank and Pulaski bank. And
as such they have allowed us

1475
02:10:35,04 --> 02:10:41,18
to do the entire financing
which which includes the.

1476
02:10:43,48 --> 02:10:50,32
Six million to take out the current
debt on fifteen twenty Market Street

1477
02:10:50,78 --> 02:10:57,64
and the other thirteen million and on
top of that. You know the interest rate

1478
02:10:57,65 --> 02:10:58,58
we've negotiated

1479
02:10:58,59 --> 02:11:02,86
a very good interest rate so the debt be
lower than what's in there now about two

1480
02:11:02,87 --> 02:11:09,58
point nine percent on the six million. Now
the other part of it will be about four

1481
02:11:09,59 --> 02:11:15,40
point two five percent and that is
the the thirteen million but that's

1482
02:11:15,41 --> 02:11:22,27
a taxable rate OK and the spread between
the two is normal about one hundred

1483
02:11:22,28 --> 02:11:29,00
forty basis points but what is most wonderful
is that this syndicate has allowed us

1484
02:11:29,56 --> 02:11:31,67
to be in the position to borrow on

1485
02:11:31,68 --> 02:11:38,44
a parity basis any additional dollars
that we need for improvements to fifteen

1486
02:11:38,45 --> 02:11:44,88
twenty market. Over the years
if such needs do come to us

1487
02:11:45,07 --> 02:11:45,54
I.E.

1488
02:11:45,55 --> 02:11:50,87
Another department must move into fifteen
twenty market we must build out that space

1489
02:11:50,88 --> 02:11:57,49
we must further renovate restrooms
except where they have allowed us to the

1490
02:11:57,50 --> 02:11:58,40
ability on

1491
02:11:58,41 --> 02:12:03,52
a pier eighty basis to bar what is needed
we do not have to worry about whether or

1492
02:12:03,53 --> 02:12:07,94
not we have the acid because the acid there
they have simply said that they will

1493
02:12:07,95 --> 02:12:13,88
give us first right of refusal and they
will give the first right of refusal I.E.

1494
02:12:13,89 --> 02:12:17,75
That means that if we
find somebody to give us

1495
02:12:17,76 --> 02:12:24,71
a loan at two point two percent they've
got to match it. Or you know we move

1496
02:12:24,72 --> 02:12:24,95
on

1497
02:12:24,96 --> 02:12:31,98
a two point two percent so that is very
important to this city because that has

1498
02:12:31,99 --> 02:12:32,40
become

1499
02:12:32,41 --> 02:12:37,49
a building that is utilized for many
departments and there is more room to build

1500
02:12:37,50 --> 02:12:39,58
out and we need to be in

1501
02:12:39,59 --> 02:12:45,68
a position to make improvements and move
other departments in the building even

1502
02:12:45,69 --> 02:12:52,62
though this is part of this transaction.
So thank you Ivy OK that's very

1503
02:12:52,63 --> 02:12:58,06
helpful. I'm glad to hear that
you're the president. Yeah I have.

1504
02:13:00,97 --> 02:13:07,95
A couple more questions. There's I
don't know five hundred fifty one

1505
02:13:07,96 --> 02:13:13,33
properties if I added it right I added
OK when one of them happens to be

1506
02:13:13,37 --> 02:13:19,57
a. Billboard But so we're talking we're
talking about really five hundred fifty

1507
02:13:19,86 --> 02:13:26,49
really. Really can do I remember
correctly that well of the three

1508
02:13:26,50 --> 02:13:31,73
hundred forty two properties currently
owned by Northside regeneration plus the

1509
02:13:31,74 --> 02:13:38,43
forty now and by Titan fish of those
three hundred eighty two properties we

1510
02:13:38,78 --> 02:13:41,41
meaning L R A or whoever it was sold

1511
02:13:41,42 --> 02:13:45,91
a lot of those properties to North Side
about right about two hundred and eighty

1512
02:13:46,20 --> 02:13:52,95
about two hundred eighty
OK and. I notice that

1513
02:13:53,85 --> 02:13:58,20
most of the properties are we have to
negotiate with them four hundred eighty eight

1514
02:13:58,21 --> 02:14:00,95
of the five hundred fifty one properties
we're going to have to negotiate with the

1515
02:14:00,96 --> 02:14:06,01
owner don't talk about specifically
about that negotiation but isn't there

1516
02:14:06,05 --> 02:14:08,22
a limit in the board bill we passed

1517
02:14:08,23 --> 02:14:15,13
a little while ago that says that we can't.
Of the two hundred eighty eight eighty

1518
02:14:15,14 --> 02:14:21,02
properties that we sold we can't. Pay
him more than pay north side more than

1519
02:14:21,09 --> 02:14:25,34
fifteen percent more than what we sold it
to him for something like that you know

1520
02:14:25,35 --> 02:14:32,28
remember I I'm not
positive on that. OK I'm

1521
02:14:32,29 --> 02:14:39,23
not sure that that cap but
we we are very. Mindful

1522
02:14:39,24 --> 02:14:44,36
of what we paid what
they paid for the. Good.

1523
02:14:48,22 --> 02:14:52,74
Old US I really appreciate this summary
it's it's very helpful this is

1524
02:14:52,75 --> 02:14:59,13
a complicated. Transaction. It

1525
02:14:59,62 --> 02:15:06,62
looks like that if we are able to
get in GA to stay here in St Louis

1526
02:15:07,23 --> 02:15:14,20
that we will be giving up I think
all of the earnings tax No I

1527
02:15:14,21 --> 02:15:17,11
just wish we still talking
just just there is just

1528
02:15:17,12 --> 02:15:21,88
a half so far for this but want the other
half go to the to if no it will not

1529
02:15:21,89 --> 02:15:26,02
that's what this is this is what this bill
what Bill will redirect what would have

1530
02:15:26,03 --> 02:15:32,94
gone to the test for use in this financing
OK. Thanks for that clarification so

1531
02:15:32,98 --> 02:15:36,97
of the two point four whatever it is right
now that we're collecting from earnings

1532
02:15:36,98 --> 02:15:38,09
tax on N.G.A.

1533
02:15:38,13 --> 02:15:43,58
Half of it would be used to pay back this
note this twenty million dollar note how

1534
02:15:43,59 --> 02:15:49,03
does the fifteen million dollars that's
currently in the bond issue that's before

1535
02:15:49,04 --> 02:15:54,12
voters on August the fourth I think it
is how does that fifteen million dollars

1536
02:15:54,13 --> 02:15:58,43
relate to this twenty million dollars Will
we use that fifteen to pay this offers

1537
02:15:58,44 --> 02:16:00,15
that fifteen million dollars is

1538
02:16:00,16 --> 02:16:05,09
a separate the fifteen million was focused
on infrastructure infrastructure for two

1539
02:16:05,10 --> 02:16:11,39
cargoes Cass and Jefferson interesting I
mentioned earlier that we have the choice

1540
02:16:11,40 --> 02:16:15,64
neighborhood after also going on going which
is also focused on those same Cravell

1541
02:16:15,65 --> 02:16:17,87
what I'm such a choice neighborhood it is

1542
02:16:17,88 --> 02:16:23,99
a sort of like I hope six program but they
change help six to choice neighborhood

1543
02:16:24,67 --> 02:16:31,45
and and so it helps with the improvements
that with then the neighborhood but

1544
02:16:31,46 --> 02:16:37,09
we which is why we have this coronation
going on between our consultant and the

1545
02:16:37,10 --> 02:16:42,62
consultant for the. Group that's doing the
choice neighborhood so that we can sure

1546
02:16:42,63 --> 02:16:47,81
that we have coordination there but it's
really focused on those two cardinal It's

1547
02:16:47,82 --> 02:16:54,64
a street improvements. It is what all that
right and and hopefully I don't know if

1548
02:16:54,65 --> 02:16:58,72
this would be the case that fifteen million
dollars you would hope could be used as

1549
02:16:58,73 --> 02:17:04,14
a match for some federal funds I mean
especially since. You know this this now is

1550
02:17:04,15 --> 02:17:04,53
a such

1551
02:17:04,54 --> 02:17:09,41
a we will be seeking all yes I mean the
federal you ask your question is YES HELLO

1552
02:17:09,42 --> 02:17:16,01
the federal government is. So as always
we might be moving out and now the folks

1553
02:17:16,02 --> 02:17:20,73
who work there who are going to have their.
You know some of their earnings tax and

1554
02:17:20,74 --> 02:17:26,12
some of their I mean we're all having to
pay to beg the federal government to keep

1555
02:17:26,64 --> 02:17:32,63
N.G.A. In St Louis I you know. That's

1556
02:17:32,64 --> 02:17:39,48
a very unfortunate situation for the federal
government to put us in. So that's all

1557
02:17:39,55 --> 02:17:39,88
thank you.

1558
02:17:46,82 --> 02:17:50,98
All of them Davis. I.

1559
02:17:56,58 --> 02:18:00,00
Wanted you to I think my question really
should wait because it's dealing with the

1560
02:18:00,00 --> 02:18:06,92
. Real Estate Finance. But I do want
to just ask you one question here

1561
02:18:07,90 --> 02:18:14,85
or. As I was reading through this this
is the operating agreement for him in

1562
02:18:14,87 --> 02:18:21,78
this process but. The public
Financial Management Inc

1563
02:18:23,32 --> 02:18:25,51
as being referred to as

1564
02:18:25,52 --> 02:18:30,51
a financial adviser is that different
from the St Louis miscible Finance

1565
02:18:30,52 --> 02:18:37,45
Corporation Yes that is you know are you
referring back to the previous bill. I'm

1566
02:18:37,46 --> 02:18:41,60
reading this out of boredom number seventy
is that the explanation for the purchase

1567
02:18:41,61 --> 02:18:47,13
agreement and the process I may be part of
the they are that they are an advisor to

1568
02:18:47,14 --> 02:18:53,99
the to the as advisor to
the comptroller OK. OK

1569
02:18:54,31 --> 02:19:00,86
Thank you. That's it for me thank you.

1570
02:19:05,68 --> 02:19:11,93
Mean my list here we go. Alderman French

1571
02:19:12,84 --> 02:19:16,46
Thank you Chairman. Owners are

1572
02:19:16,47 --> 02:19:21,10
a lot of questions here and the main one
in this is the one I keep asking here is

1573
02:19:21,11 --> 02:19:26,32
how much is project cost him I'm going to
get to that I'll give you the sheet here

1574
02:19:26,33 --> 02:19:33,17
and tell you you know in a
second when the session. That's

1575
02:19:33,18 --> 02:19:33,50
a that's

1576
02:19:33,51 --> 02:19:37,02
a public question OK so that I can give
you the total and we could talk to the

1577
02:19:37,03 --> 02:19:43,95
Pacific's if you like yeah how much of this
thing cost us so. Currently we have in

1578
02:19:43,99 --> 02:19:48,98
the total sources one hundred
thirty million dollars.

1579
02:19:50,90 --> 02:19:57,81
Hundred thirty million right. Now that
includes the money that the states put

1580
02:19:57,82 --> 02:20:04,73
in that goes the money that's
everything yes. OK And that is

1581
02:20:04,74 --> 02:20:09,52
to retain how much in earnings tax because
we only only revenue we get from the

1582
02:20:09,94 --> 02:20:10,39
N.J.

1583
02:20:10,40 --> 02:20:17,29
Project or in GA It is earnings tax right
now and that's about two point two point

1584
02:20:17,30 --> 02:20:22,83
four currently with thirty one hundred
employees or four million annually that we

1585
02:20:22,84 --> 02:20:28,18
get now now just by relocating it to
this location though we split down half.

1586
02:20:29,84 --> 02:20:33,95
Under the current law on the current law
under current law we spit in half so we

1587
02:20:33,96 --> 02:20:38,73
already reduce our intake to general
revenue to one point two million.

1588
02:20:41,74 --> 02:20:45,24
And we're going to spend one hundred
thirty million dollars to retain

1589
02:20:46,16 --> 02:20:52,18
a minute of that the bulk of the benefit
also is to the state where they stand to

1590
02:20:52,19 --> 02:20:52,96
lose eight and

1591
02:20:52,97 --> 02:21:00,50
a half million. If it chooses
not to be in Missouri. Eight

1592
02:21:00,51 --> 02:21:00,63
and

1593
02:21:00,64 --> 02:21:05,30
a half that's current with the current
employees that come from the state withholding

1594
02:21:05,31 --> 02:21:10,05
taxes for the employees based on the thirty
one hundred employees time seventy five

1595
02:21:10,06 --> 02:21:16,26
thousand average average salary time the
the rate that they use for withholding OK

1596
02:21:16,31 --> 02:21:21,77
So my question so we're going back to
your timeline here when we passed.

1597
02:21:23,56 --> 02:21:29,45
More bill to sixty three back in March
right. When you guys first came as talking

1598
02:21:29,46 --> 02:21:33,99
about acquiring that land over there that
property one of the questions I asked it

1599
02:21:34,00 --> 02:21:37,59
was how much was going to cost and I think
the number was somewhere around six

1600
02:21:37,60 --> 02:21:40,92
million or something to acquire all that
property you say that Well I think in

1601
02:21:40,93 --> 02:21:45,52
later you would say that that did not include
the businesses right after we passed

1602
02:21:45,53 --> 02:21:52,21
the bill. Well I think the question at
the time was about. So much focus on

1603
02:21:52,22 --> 02:21:58,46
residential and particularly Pacific
Residential efforts and so we

1604
02:21:59,41 --> 02:22:05,57
that was I believe we answered based on
one was residential one was business and

1605
02:22:05,58 --> 02:22:10,29
then there was total acquisition of the
businesses and I think you know we talked

1606
02:22:10,30 --> 02:22:14,09
about that around forty million dollars to
forty million dollars And I said in that

1607
02:22:14,10 --> 02:22:19,38
committee hearing and I remember specifically
there was afterwards when we did some

1608
02:22:19,39 --> 02:22:22,99
more research and there were some more
articles written but they detail the

1609
02:22:23,00 --> 02:22:26,42
businesses that exist in that area and
especially some of the biz rights they had

1610
02:22:26,43 --> 02:22:30,42
already made some major investments we
gave them some major incentives use in

1611
02:22:30,43 --> 02:22:34,17
previous years and so those businesses
alone were going to cost more than the

1612
02:22:34,18 --> 02:22:38,48
number that was quoted in the hoods
commit exactly and so to answer your

1613
02:22:38,49 --> 02:22:39,87
perspective we asked

1614
02:22:39,88 --> 02:22:45,96
a. Period of time but this has been an
evolving process and as we learn more we

1615
02:22:45,97 --> 02:22:51,16
have been able to refine those numbers and
so we you know we're sharing them as we

1616
02:22:51,32 --> 02:22:56,70
as we learned more OK So yesterday development
in this entity tightened fish to the

1617
02:22:56,71 --> 02:22:57,38
L.L.C.

1618
02:22:57,64 --> 02:23:03,33
First do we have any idea who they are. We
know who the people are that are representing

1619
02:23:03,34 --> 02:23:10,33
them yes do we know about ownership Yes
This gentleman named Joe Camel and he's out

1620
02:23:10,34 --> 02:23:14,33
of Kansas City he's in the Kansas City
area and that's sure if he's in Kansas or

1621
02:23:14,49 --> 02:23:17,73
Kansas City Missouri but he's
in the Kansas City area S.

1622
02:23:17,88 --> 02:23:22,31
So how much he pay for those forty
property yesterday he paid three point two

1623
02:23:22,32 --> 02:23:28,87
million total you're going to million.
OK so it just happened yesterday but it.

1624
02:23:29,97 --> 02:23:32,77
I guess negotiations in that begun between

1625
02:23:32,78 --> 02:23:39,40
a city and trying to purchase not. OK
so the two to three hundred forty two

1626
02:23:39,41 --> 02:23:46,34
properties that remain in Mr Miki's
possession. So when you go to

1627
02:23:46,35 --> 02:23:53,11
the slide here of acquisition
status. Why aren't

1628
02:23:53,12 --> 02:23:55,84
those already under contract
I mean that we already have

1629
02:23:55,85 --> 02:24:02,76
a relationship with this guy they've been
going on for months while we are having

1630
02:24:02,77 --> 02:24:07,30
those discussions but we are having
this questions about about price.

1631
02:24:10,44 --> 02:24:15,46
Is he actually playing hardball with the
city to buy back the bow no no we're just

1632
02:24:15,71 --> 02:24:20,35
we're just having discussion at this point
OK So because I mean I think anybody

1633
02:24:20,36 --> 02:24:24,92
else would see is that that would be the
easiest one like from where you presented

1634
02:24:24,93 --> 02:24:25,09
as

1635
02:24:25,10 --> 02:24:33,05
a partner kind in this thing he wanted
no no no no this is this is. Acquiring

1636
02:24:33,06 --> 02:24:35,78
the properties from him as

1637
02:24:35,79 --> 02:24:41,45
a one of as one of the one hundred and land
owners and so that is strictly where we

1638
02:24:41,46 --> 02:24:43,62
are now he you know he has

1639
02:24:43,63 --> 02:24:47,40
a development rights for the area outside
of that property and he will keep you

1640
02:24:47,41 --> 02:24:53,46
know he's continuing to try and do
things there. So to this specific deal

1641
02:24:54,40 --> 02:25:01,31
for Bill one seventeen.
So the total amount. Is

1642
02:25:01,32 --> 02:25:08,31
up to twenty million. Yes and we
would borrow. And that's strictly

1643
02:25:08,32 --> 02:25:11,49
for land acquisition. That was

1644
02:25:11,50 --> 02:25:16,12
a well if there were several things that
work order their land acquisition or

1645
02:25:17,07 --> 02:25:21,50
environmental remediation
relocation similar costs OK.

1646
02:25:24,71 --> 02:25:31,14
And in order to borrow that money.
We have to mortgage up to three city

1647
02:25:31,15 --> 02:25:34,57
buildings to do well I think
of clarification that idea in

1648
02:25:34,58 --> 02:25:40,72
a case just one at this point so one of the
other two in the bill. Out of time that

1649
02:25:40,73 --> 02:25:45,06
we started this process I think this is
where she is telling us later and later

1650
02:25:45,07 --> 02:25:50,52
from an alderman friend when this was started
about six or seven weeks ago we were

1651
02:25:50,53 --> 02:25:55,93
starting to go through the various banks
and as it turned out we ended up with the

1652
02:25:55,94 --> 02:26:02,92
syndicate that I mentioned before
private bank and steeple enterprise and

1653
02:26:02,93 --> 02:26:09,85
Pulaski and they were happy with
simply fifteen twenty market

1654
02:26:10,92 --> 02:26:16,07
and with the console and I didn't want
to pledge other piece of the collateral

1655
02:26:16,08 --> 02:26:21,97
anyhow so we kept working it so only
fifteen foreign market is involved.

1656
02:26:23,23 --> 02:26:30,14
Not nine hundred Hampton not fourteen
fifteen nor thirty three forced

1657
02:26:30,15 --> 02:26:30,99
to do so with a B.

1658
02:26:31,00 --> 02:26:35,73
And and amendment proposed because those
three properties are listed in his board

1659
02:26:35,74 --> 02:26:42,43
bill. So. If you would like to make an
amendment that would be fine with us

1660
02:26:42,98 --> 02:26:49,74
because we only are using fifteen
twenty Market Street. And

1661
02:26:50,66 --> 02:26:56,91
and as we said six million is outstanding
on that building currently that will be

1662
02:26:56,92 --> 02:27:03,67
taken out with the syndicate and then
you have the thirteen million that is

1663
02:27:03,68 --> 02:27:06,01
actually being borrowed or

1664
02:27:06,36 --> 02:27:13,05
a line of credit. For the acquisition so
let me through that again so right now

1665
02:27:13,06 --> 02:27:19,59
there's we owe on on fifteen twenty market
yes we'll how much about six point six

1666
02:27:19,60 --> 02:27:26,56
million OK And so what is the deal. With
the syndicate. We will pay that off

1667
02:27:26,57 --> 02:27:30,85
with them and the news broke out they
are the three the banks they are the

1668
02:27:30,86 --> 02:27:37,52
syndicate now the boy they were working
with. Two other banks couldn't get couldn't

1669
02:27:37,53 --> 02:27:43,23
get there with us with our terms on
collateral except for OK And so they are not

1670
02:27:43,24 --> 02:27:48,46
part of this syndicate buying the debt
and when they will of the Senate get the

1671
02:27:48,47 --> 02:27:55,41
syndicate is taking our out six point six
million that's right there were so and

1672
02:27:55,70 --> 02:27:59,24
because it's really another entity
that has that debt now J.P.

1673
02:27:59,25 --> 02:28:06,15
Morgan So they will take them out we
will not be Morgan anything OK But so

1674
02:28:06,16 --> 02:28:10,44
then because right now the
building is pledged with J.P.

1675
02:28:10,45 --> 02:28:17,40
Morgan you know because all municipal
finance corporation bar we are leverage to

1676
02:28:17,50 --> 02:28:17,89
borrow

1677
02:28:17,96 --> 02:28:23,47
a car so we can and we refinance it with
them so then we will owe them then the six

1678
02:28:23,48 --> 02:28:29,17
plus the thirteen are yes the thirteen is
being taken out for the site acquisition

1679
02:28:29,18 --> 02:28:35,41
are you saying thirteen this is OK So
thirteen as with the refinancing I got

1680
02:28:36,01 --> 02:28:41,27
six point zero we will actually over that
syndicate eighteen. Well actually say

1681
02:28:41,28 --> 02:28:46,10
things are six plus thirteen it's closer
to ninety one thousand six that's why it

1682
02:28:46,11 --> 02:28:50,35
says or up to twenty
million OK Yes All right.

1683
02:28:53,90 --> 02:28:57,68
And it'll only be that building which
is wonderful what are you that building

1684
02:28:58,36 --> 02:29:04,15
that's very good we believe it's about
thirty million thirteen or fifteen thirteen

1685
02:29:04,43 --> 02:29:08,54
market not fitting to market up thirty
million and work we actually have ordered an

1686
02:29:08,55 --> 02:29:14,20
appraisal this week and we will have an
appraisal current appraisal of the building

1687
02:29:14,21 --> 02:29:20,78
because indeed we have upgraded about eight
restrooms there in the last. Two three

1688
02:29:20,79 --> 02:29:23,64
months and so we are getting

1689
02:29:23,65 --> 02:29:29,65
a current appraisal of the building so
that some it's not common though that we

1690
02:29:30,00 --> 02:29:36,89
mortgage city buildings on unrelated
projects. And yes we do we do don't

1691
02:29:36,90 --> 02:29:41,40
want to start talking how many we have
them or not yes the convention center has

1692
02:29:41,41 --> 02:29:47,74
been more good and from the convention
center series two thousand and ten

1693
02:29:47,75 --> 02:29:51,13
a. Lot all

1694
02:29:51,14 --> 02:29:56,47
a lot of the city streets down here
in and around convention center. Most

1695
02:29:56,48 --> 02:30:03,01
definitely were done by leveraging the
convention center and then getting other

1696
02:30:03,02 --> 02:30:09,84
dollars you know to fix up other parts of
the vicinity in and around it so moving

1697
02:30:09,85 --> 02:30:15,72
out the vent detention facility
very similar situation and it's

1698
02:30:15,73 --> 02:30:22,10
a way of not going to the voters
were doing very much needed capital

1699
02:30:22,11 --> 02:30:28,92
improvement in and around that facility
the convention center streets leading

1700
02:30:28,93 --> 02:30:33,47
to and around the convention center but
my question was is that we don't often do

1701
02:30:33,48 --> 02:30:39,37
that on unrelated projects so this isn't
were mortgage and something over here to

1702
02:30:39,38 --> 02:30:43,31
pay for something over there understand
we might do it surrounding I know one c

1703
02:30:43,32 --> 02:30:48,01
three server allows you the ability to do
that i do we don't do we do it often is

1704
02:30:48,45 --> 02:30:53,79
a rare thing to me I've been doing it for
twenty years you know because when you

1705
02:30:53,80 --> 02:31:00,24
start looking at you know some of the
associated projects that we have

1706
02:31:00,56 --> 02:31:06,70
leverage city buildings for and I've
mentioned some This is not uncommon.

1707
02:31:09,08 --> 02:31:14,59
I don't mind just making of course and
for that. He is an attorney who does

1708
02:31:14,60 --> 02:31:20,98
understand this and the law. He isn't.

1709
02:31:24,32 --> 02:31:29,88
And so the. So the full faith and credit
of the city of St Louis it wouldn't be

1710
02:31:29,89 --> 02:31:34,92
enough to borrow that for that land
acquisition Yes well we're not trying to that

1711
02:31:34,93 --> 02:31:41,87
even though it's an up and appropriation
backed. You know debt borrowing just like

1712
02:31:41,88 --> 02:31:47,98
all our other in other words we get to
come to you every year put that. Right

1713
02:31:48,78 --> 02:31:54,49
just like you have on Convention Center
Carnahan court house justice and civil

1714
02:31:54,50 --> 02:32:01,38
courts thank you for spark all
those. Tests to the budget

1715
02:32:01,48 --> 02:32:07,57
of the Board of Aldermen there. And
it's you know it's appropriation back

1716
02:32:08,30 --> 02:32:14,95
as opposed to just. As we would
have to do. And go to the

1717
02:32:14,96 --> 02:32:21,92
voters. As answer around the voters I
got Yeah well if it is the way the

1718
02:32:21,93 --> 02:32:28,56
city has done. OK. Or no other
questions at this time.

1719
02:32:35,30 --> 02:32:42,30
I'm Carter. You know I don't have
that many questions I just. So

1720
02:32:42,31 --> 02:32:49,16
we can only access questions within
the bill right. OK. And so in here.

1721
02:32:51,11 --> 02:32:57,34
Create Jobs Fund all that's already created
I think we created created that with

1722
02:32:57,35 --> 02:33:04,33
the initial bill right. OK so what
what what would be the purpose for the

1723
02:33:04,34 --> 02:33:04,82
N.G.A.

1724
02:33:04,83 --> 02:33:11,94
Job fun. And how much
would. Be put into this fun

1725
02:33:12,01 --> 02:33:16,12
out of the one point five.
Million funding status.

1726
02:33:19,51 --> 02:33:26,48
What page or your. Page six. Page

1727
02:33:26,49 --> 02:33:31,46
six and one twenty five. That's just

1728
02:33:31,47 --> 02:33:37,64
a clarification as as Mr Williams said
that the fifty percent of the earnings tax

1729
02:33:37,65 --> 02:33:43,17
that otherwise would go to pay to freedom
project costs so this is taking that

1730
02:33:43,18 --> 02:33:45,36
fifty percent and just segregating it into

1731
02:33:45,37 --> 02:33:48,95
a separate account of the special occasion
find to make sure it goes to pay for

1732
02:33:48,96 --> 02:33:55,67
this debt and not other Tift
debt OK so I guess it was in

1733
02:33:55,68 --> 02:33:59,37
response to all woman crews and question
about is this capturing hundred percent of

1734
02:33:59,38 --> 02:34:03,98
the tax revenues in that if no it's only
capturing that fifty percent going into

1735
02:34:03,99 --> 02:34:10,66
a separate account of the Special Education
Fund to pay this debt right and. With

1736
02:34:11,36 --> 02:34:16,71
all the except in one point five million
of their earnings tax How long would that

1737
02:34:16,72 --> 02:34:23,63
and would they go on to. Some. Companion
piece to the state the state's legislation

1738
02:34:23,64 --> 02:34:29,12
is thirty years. Also thirty years yes OK.

1739
02:34:32,38 --> 02:34:33,09
That's all I have

1740
02:34:33,10 --> 02:34:39,100
a big. Order. All along.

1741
02:34:42,10 --> 02:34:42,56
Yes I have

1742
02:34:42,57 --> 02:34:49,10
a couple questions thank you Mr Chairman
so this practice of mortgaging buildings

1743
02:34:49,61 --> 02:34:50,05
you said it was

1744
02:34:50,06 --> 02:34:53,55
a common practice and you mentioned the
convention center do you have other

1745
02:34:53,56 --> 02:34:59,96
examples. Yes this is how the

1746
02:34:59,97 --> 02:35:06,54
city has been borrowing to make capital
improvements on its facilities

1747
02:35:06,96 --> 02:35:13,37
and it does include the convention
center being the largest says the

1748
02:35:13,38 --> 02:35:19,66
Carnahan courthouse we made improvements
there when we were essentially almost

1749
02:35:19,67 --> 02:35:26,56
given the property by the federal
government the civil courts building we

1750
02:35:26,57 --> 02:35:32,93
built the justice center from the
ground up in this manner the

1751
02:35:33,03 --> 02:35:38,85
juvenile detention facilities
prove mints were made there

1752
02:35:39,86 --> 02:35:46,81
we leverage that building.
Force part. Sure it

1753
02:35:46,82 --> 02:35:53,07
was leveraged to make the
improvements. Force park itself

1754
02:35:54,07 --> 02:36:00,41
and the buildings within it and then you
all had the city parks Bund ordinance.

1755
02:36:02,78 --> 02:36:09,69
And you had the financing last year and
indeed several neighborhood parks war

1756
02:36:10,62 --> 02:36:17,12
leverage or pull it just in order
to get that twenty five point two

1757
02:36:17,13 --> 02:36:24,10
million so that is how we have been
doing it and. If you do not do

1758
02:36:24,11 --> 02:36:26,62
that then one must indeed in there's

1759
02:36:26,63 --> 02:36:33,45
a five A one c three organization
with representatives from the members

1760
02:36:33,73 --> 02:36:34,50
of D.N.A.

1761
02:36:34,51 --> 02:36:40,41
And the city councillors office and that
is how it's done and if you did not do

1762
02:36:40,42 --> 02:36:47,01
that then you would. Have
to go to the voters and get

1763
02:36:47,02 --> 02:36:53,95
a general obligation passed for each
financing and in this way you're using

1764
02:36:53,96 --> 02:36:58,91
existing taxes or you pass for instance

1765
02:36:59,30 --> 02:37:06,15
a new tax let me mention the
pension obligation bonds we

1766
02:37:06,16 --> 02:37:08,96
went to the voters they passed

1767
02:37:08,100 --> 02:37:15,69
a one half cent public safety
sales tax with that money we

1768
02:37:15,70 --> 02:37:21,95
issued pension obligation bonds in two
thousand and eight and I believe in two

1769
02:37:21,96 --> 02:37:28,96
thousand and seven via the St Louis
Minnes both Finance Corporation in order

1770
02:37:28,97 --> 02:37:34,80
to. Fund it. The.

1771
02:37:36,10 --> 02:37:42,67
Firemen retirement system police
retirement system and also the employee's

1772
02:37:42,68 --> 02:37:47,57
retirement system so it is how it's done
so the projects you mentioned where we

1773
02:37:47,58 --> 02:37:51,74
used buildings as collateral were for
capital improvements on those buildings is

1774
02:37:51,75 --> 02:37:55,83
that primarily what I'm understanding the
case temple improvements on the building

1775
02:37:55,84 --> 02:38:01,98
and or related. Facilities and or

1776
02:38:01,99 --> 02:38:07,70
streets you know infrastructure around
those buildings but in this proposal we're

1777
02:38:07,71 --> 02:38:13,82
not. Doing any capital improvements
cracked we are leveraging one building to

1778
02:38:13,86 --> 02:38:20,47
purchase landed an unrelated site correct
is a common practice in the city is

1779
02:38:20,51 --> 02:38:23,63
a syndicate this is a method of having

1780
02:38:23,98 --> 02:38:30,39
a piece of collateral for the banks that
were willing to do the line of credit

1781
02:38:30,94 --> 02:38:36,98
as opposed to more than one
property we got it down to one

1782
02:38:37,54 --> 02:38:43,93
only one property as opposed to what
was originally proposed being three

1783
02:38:44,86 --> 02:38:50,96
and we also have the ability
to continue to borrow on

1784
02:38:51,00 --> 02:38:57,95
a parity basis for further improvements
to fifteen twenty market at

1785
02:38:57,96 --> 02:39:04,32
a rate that we find acceptable they
must match it or move out of the way.

1786
02:39:05,77 --> 02:39:12,09
And there is no limit it will
be the loan to value and

1787
02:39:12,88 --> 02:39:16,17
we're getting an appraisal
so that is that allows

1788
02:39:16,18 --> 02:39:22,96
a great deal of flexibility yet they
still have some piece of property

1789
02:39:23,33 --> 02:39:29,46
by which they can use as collateral and
we've knocked out nineteen hundred Hampton

1790
02:39:29,68 --> 02:39:34,80
and fourteen fifteen or thirty three so
it's my understanding we've done some

1791
02:39:34,81 --> 02:39:41,15
creative financing in other projects
but. That this is. The first time we've

1792
02:39:41,16 --> 02:39:46,80
mortgaged current buildings to purchase
site unrelated to the project at least I

1793
02:39:46,81 --> 02:39:52,02
haven't I haven't understand I haven't
understood any examples of US very similar

1794
02:39:52,03 --> 02:39:58,57
search situation here. We're marking time
and I can use your list here OK that

1795
02:39:59,06 --> 02:40:04,90
would be helpful. Learn to say that what
the city has done in the past is nothing

1796
02:40:04,91 --> 02:40:10,57
unique to the city of St Louis it's done
all across the United States using biggest

1797
02:40:10,58 --> 02:40:16,02
financing any appropriation financing to
finance the projects and the reason is

1798
02:40:16,10 --> 02:40:22,87
that fifty years ago. Significant portion
of cities budgets were property tax

1799
02:40:23,19 --> 02:40:27,15
and so the method of financing projects
was to do what you're going to do that in

1800
02:40:27,16 --> 02:40:28,93
August is go to the voters for

1801
02:40:28,94 --> 02:40:35,49
a property tax increase to pay for projects.
Over the last fifty years everyone

1802
02:40:35,50 --> 02:40:36,06
knows that

1803
02:40:36,27 --> 02:40:41,18
a significantly larger portion of cities
budgets and sales tax and other revenue

1804
02:40:41,19 --> 02:40:47,42
sources and so the annual appropriation
lease financing that's used by US will

1805
02:40:47,43 --> 02:40:52,70
finance corporation and in every city
and county across the country is

1806
02:40:52,71 --> 02:40:55,88
a way of taking frequently
sales tax and taking

1807
02:40:55,89 --> 02:41:02,59
a revenue stream that already exists and
financing projects. With that revenue

1808
02:41:02,60 --> 02:41:05,44
stream and so. So it's

1809
02:41:05,45 --> 02:41:11,94
a very common method of financing financing
projects I don't know about city of St

1810
02:41:11,95 --> 02:41:13,03
But I will tell you we've done

1811
02:41:13,04 --> 02:41:19,88
a lot of projects in Missouri
and other states that have used

1812
02:41:20,25 --> 02:41:26,86
that encumbered one facility as part of the
financing of other of other assets for

1813
02:41:26,87 --> 02:41:32,41
instance you know if you have if you're
doing street improvements streets don't

1814
02:41:32,42 --> 02:41:32,58
have

1815
02:41:32,59 --> 02:41:39,49
a it's hard to encumber streets and so
it's not uncommon for us to encumber.

1816
02:41:40,68 --> 02:41:47,60
A city hall or some other facility like
that to finance streets or or you know

1817
02:41:47,61 --> 02:41:52,89
some types of utility improvements so again
I can't speak to but I'd say it's it's

1818
02:41:52,90 --> 02:41:56,96
common for in other cities for that to
be done and in that case we would have

1819
02:41:56,97 --> 02:42:03,22
a secured stream to repay that debt is that
correct Well I think. Most cities have

1820
02:42:03,23 --> 02:42:05,58
been identified will identify a

1821
02:42:05,67 --> 02:42:10,20
a revenue source so that when they when the
comptroller's office submits the budget

1822
02:42:10,21 --> 02:42:13,42
to the board of Alderman. It's going to be

1823
02:42:13,43 --> 02:42:17,93
a line item to appropriate funds to pay
pay that debt it's my understanding that

1824
02:42:17,94 --> 02:42:24,75
we'll be repaying this stat with possible
earnings tax city state earnings tax from

1825
02:42:24,76 --> 02:42:30,61
the employees as well as the. Tax
and if we do not secure if N.G.A.

1826
02:42:30,62 --> 02:42:35,19
Does not secure the site how will we be
repaying this this loan Do we have a plan B.

1827
02:42:35,20 --> 02:42:42,19
For that. Plan for the city.

1828
02:42:43,35 --> 02:42:50,31
The city would indeed have to pay
this loan back and with what funds

1829
02:42:50,32 --> 02:42:55,99
would we be paying the loan back if we do
not have these jobs. Well the city would

1830
02:42:56,00 --> 02:43:02,83
have to find money within its
back to. To do this that is

1831
02:43:02,84 --> 02:43:06,96
indeed the truth so if the city cannot
find twenty million dollars within its

1832
02:43:06,97 --> 02:43:10,87
budget right now to do this how would
we find twenty million dollars in

1833
02:43:10,88 --> 02:43:16,59
a year from now if. You really are going
to have to find twenty again let me

1834
02:43:16,63 --> 02:43:22,32
clarify that we already oh the six
and a half million that is already

1835
02:43:22,33 --> 02:43:28,77
a line item in the capital budget OK so
that's being paid for already so you're

1836
02:43:28,78 --> 02:43:35,75
talking about the thirteen
million that you are indeed

1837
02:43:36,08 --> 02:43:42,05
going to have to pay through
revenues from the. That to.

1838
02:43:45,12 --> 02:43:50,83
The area the States kicked in
the extra money and if there's

1839
02:43:50,84 --> 02:43:57,74
a difference you know yes the city will
have to find the funds to take care of

1840
02:43:57,75 --> 02:43:58,77
this and do we have

1841
02:43:58,78 --> 02:44:04,86
a plan in place to find those funds but
let me let me let me speak. OK so.

1842
02:44:06,21 --> 02:44:11,13
If you for part you've heard me say this
before where we are in this to win it and

1843
02:44:11,14 --> 02:44:17,33
so we ultimately believe that we will be
taken out by the actual purchase of this

1844
02:44:17,80 --> 02:44:23,46
but if in case that we do not we intend
to be able to sell the land that we are

1845
02:44:24,20 --> 02:44:30,52
trying to basically
assemble as one me their

1846
02:44:31,00 --> 02:44:35,92
various mechanisms for as extension and
refine and restructuring of the debt itself

1847
02:44:36,50 --> 02:44:43,31
so it's not. A situation of finding thirteen
million or twenty million all. But.

1848
02:44:44,36 --> 02:44:51,00
The amount that is currently being financed
right now which is seven million that I

1849
02:44:51,01 --> 02:44:52,20
be speaking to there's

1850
02:44:52,21 --> 02:44:56,43
a stream of revenue that is probably
paid so we'll be looking at ways to

1851
02:44:56,58 --> 02:45:01,91
restructure debt associated
with that. Along with.

1852
02:45:03,97 --> 02:45:09,23
Looking at doing everything we can to get
redevelopment onto the site that provides

1853
02:45:09,24 --> 02:45:14,95
for stream as well. I want to say that
keeping the jobs is very important to me

1854
02:45:15,26 --> 02:45:17,24
personally the current N.J.

1855
02:45:17,25 --> 02:45:21,19
Site is right next to my ward it's important
to our city to keep these jobs but

1856
02:45:21,20 --> 02:45:23,31
what concerns me is
taking out a loan without

1857
02:45:23,32 --> 02:45:27,34
a secured revenue stream to repay it and
I want to make sure that we've thought

1858
02:45:27,35 --> 02:45:30,84
through all this and that it doesn't have
to come out of general revenue to repay

1859
02:45:30,85 --> 02:45:36,77
this thirteen million and it
doesn't sound like we have

1860
02:45:36,78 --> 02:45:43,63
a dedicated. Stream to do so.
With with the twenty million

1861
02:45:43,64 --> 02:45:47,63
dollars with the you know the thirteen
million or whatever we're looking at what do

1862
02:45:47,64 --> 02:45:52,08
we plan to recoup that when we sell this
but if we sell this building to N.G.A.

1863
02:45:52,34 --> 02:45:56,38
Yes and we are planning that
they will pay us do we have

1864
02:45:56,39 --> 02:46:03,34
a an estimated cost. OK. So

1865
02:46:03,35 --> 02:46:06,27
the state has incentivized
the moving of N.J.

1866
02:46:06,28 --> 02:46:12,20
Within the city limits by dedicating
thirty years of state sales tax for in the

1867
02:46:12,21 --> 02:46:17,85
form of twelve million dollars per year how
has this state incentivized the moving

1868
02:46:17,86 --> 02:46:24,38
of the site to St Louis County. And how
does that compare there are there are three

1869
02:46:24,39 --> 02:46:29,67
situations in the states Bill one they were
used to protest on the other locations

1870
02:46:29,68 --> 02:46:34,75
here they will use withholding taxes so
essentially though up to twelve so they've

1871
02:46:34,76 --> 02:46:41,76
expanded the state. Allocation
from its current. Cap

1872
02:46:41,77 --> 02:46:47,31
at thirty two to forty eight to forty eight
million I believe it is an annual basis

1873
02:46:47,32 --> 02:46:51,50
and they have to appropriate every year
for that but so so the other two sides

1874
02:46:51,51 --> 02:46:57,23
would be super to this would be through.
Appropriations of the withholding tax and

1875
02:46:57,24 --> 02:47:01,28
the total package sense would you which
would you classified as the most

1876
02:47:01,51 --> 02:47:08,04
incentivized location on behalf of the foot
by the state. Park for the for the most

1877
02:47:08,05 --> 02:47:11,64
part except the probably
is a little more in

1878
02:47:11,65 --> 02:47:15,32
a sense that there are more things to do
because it's an urban site as opposed to

1879
02:47:15,33 --> 02:47:22,07
a green feels like. OK
Thank you. A woman grin.

1880
02:47:23,79 --> 02:47:29,82
I think you. Most of my questions were asked
by the holder woman from the twentieth

1881
02:47:29,83 --> 02:47:30,28
but I do have

1882
02:47:30,29 --> 02:47:36,94
a couple Do we have an idea of how much
debt we currently have on all these

1883
02:47:36,95 --> 02:47:41,43
properties that we've mortgage her leverage
to and are we current on all of those

1884
02:47:41,44 --> 02:47:48,31
payments. The city's credit
rating was just reaffirmed.

1885
02:47:49,65 --> 02:47:56,41
By Fitch we have an A plus rating
by Standard and Poor's some other

1886
02:47:56,42 --> 02:47:58,94
rating fit this summer

1887
02:47:58,95 --> 02:48:05,84
a ding by Moody's. Way so.
We pay all our debt first

1888
02:48:06,43 --> 02:48:11,32
and at the capital committee that's the for
those of the first line items that are

1889
02:48:11,33 --> 02:48:18,29
proved we would not be rated an A plus
three major rating agencies if we did

1890
02:48:18,30 --> 02:48:25,10
not pay our debts and we
always do so if. We're not to

1891
02:48:25,11 --> 02:48:31,55
go here and we were not able to repay
on that twenty million loan or fifteen

1892
02:48:31,56 --> 02:48:37,41
million or thirteen million loan. And
find another revenue source within the

1893
02:48:37,42 --> 02:48:41,38
general operating budget that would
potentially put our credit rating in jeopardy

1894
02:48:41,39 --> 02:48:48,11
as well we are not in the in the least
bit concerned about that because we

1895
02:48:48,21 --> 02:48:54,68
indeed. Will will further
develop the property and

1896
02:48:54,69 --> 02:49:01,43
sell the property. I'm not
worried about the rating of the

1897
02:49:01,44 --> 02:49:07,82
city being downgraded it's
been this way now for. Perhaps

1898
02:49:07,83 --> 02:49:12,99
twenty years or so and. We're kind of

1899
02:49:13,00 --> 02:49:19,98
a little bit. More experienced
in ways to handle this.

1900
02:49:20,57 --> 02:49:27,29
Then people would think we just don't allow
that to happen when I came to the city

1901
02:49:27,30 --> 02:49:33,78
we were not in and. That was twenty five
plus years ago I remember the day we

1902
02:49:33,79 --> 02:49:35,25
garden and I ran around like

1903
02:49:35,26 --> 02:49:41,50
a child having gotten the biggest Christmas
present ever I sincerely doubt that we

1904
02:49:41,51 --> 02:49:48,39
will let our eight plus drive. A long
time coming. So the other question I have

1905
02:49:48,40 --> 02:49:51,31
is I've heard you say you know
several times kind of plan B.

1906
02:49:51,32 --> 02:49:57,42
Is we will sell this land you know one
of the arguments when you know we were

1907
02:49:57,43 --> 02:50:03,28
debating this back earlier you know in the
year was that you know nobody wants this

1908
02:50:03,29 --> 02:50:09,18
land that it's vacant it's there's barely
anybody living there it's had lack of

1909
02:50:09,19 --> 02:50:15,51
reinvestment for you know twenty plus years
so how do we have faith that if this

1910
02:50:15,52 --> 02:50:20,36
doesn't come through that you know
miraculously Now there's people willing to buy

1911
02:50:20,37 --> 02:50:24,14
it because the state has seen fit to
also give us sixteen million dollars in

1912
02:50:24,15 --> 02:50:29,38
brownfields that will allow us to clean it
and to do some demolitions we will have

1913
02:50:29,39 --> 02:50:36,11
improved this far better than when I
probably made those statements. We will.

1914
02:50:38,19 --> 02:50:42,00
As I mentioned other programs that are
that are happening in and around that we

1915
02:50:42,01 --> 02:50:47,65
will of it improve the access in
two directions to get to the site.

1916
02:50:49,47 --> 02:50:53,03
So there are some ongoing things
I believe that we also have had

1917
02:50:53,04 --> 02:50:54,17
a number of folks who have

1918
02:50:54,18 --> 02:50:59,48
a shown interest in trying to do things
right now the redevelopment environment in

1919
02:50:59,49 --> 02:51:05,66
the city of St Louis is. One hundred percent
better than it was three years ago so

1920
02:51:05,70 --> 02:51:09,95
we have people who are who are looking
to locate we're looking to find

1921
02:51:10,67 --> 02:51:14,34
a simple sites obviously
this one is it will be is

1922
02:51:14,35 --> 02:51:20,67
a challenge one because of some of the bites
and things that exist but we we think

1923
02:51:20,68 --> 02:51:26,17
we have the wherewithal to be able to
make it attractive for such for buyers to

1924
02:51:26,26 --> 02:51:26,51
have

1925
02:51:27,01 --> 02:51:34,45
a centrally if we particularly we have it
all assemble where we don't have. Pieces

1926
02:51:34,93 --> 02:51:40,54
missing from it so have you put
together your plans B. C. D.

1927
02:51:40,72 --> 02:51:46,82
You know who you would be attracting to
this area. Right now all of my energy is

1928
02:51:46,83 --> 02:51:53,70
focused on in GA and we will.
You know refocus on plan

1929
02:51:53,71 --> 02:51:53,86
B.

1930
02:51:53,87 --> 02:51:58,45
If we figure that we are going to we're
going to get there but we think we. This is

1931
02:51:58,46 --> 02:52:02,26
one of the things that we meet with the
Corps of Engineers and within GA on

1932
02:52:02,27 --> 02:52:09,15
a regular basis and we have we know
at this point what to expect patients

1933
02:52:09,16 --> 02:52:14,10
are we know that it has to be assembled
by and we have to turn it over that's the

1934
02:52:14,11 --> 02:52:19,85
one on are we know that we have
to have it completely clear of

1935
02:52:20,48 --> 02:52:25,56
buildings we know that it has to be
environmentally made all the environmental

1936
02:52:25,57 --> 02:52:26,78
tests by D.N.R.

1937
02:52:27,16 --> 02:52:32,02
We know that it has to be all the streets
and alleys need to be vacated we know

1938
02:52:32,03 --> 02:52:36,77
that. That we need to have
clean the soil down to

1939
02:52:36,78 --> 02:52:41,21
a certain depth in certain areas we need
we know that we need to reroute all the

1940
02:52:41,22 --> 02:52:46,95
utilities and that kind of thing so we have
this down and we have the team in place

1941
02:52:47,10 --> 02:52:53,80
to move ahead so what we were asking
is for. For your assistance and us

1942
02:52:54,04 --> 02:53:00,83
and helping us get there no further
questions at this time thank you. OK we've

1943
02:53:00,84 --> 02:53:04,24
got. At this time I need

1944
02:53:04,25 --> 02:53:11,17
a motion that we adjourned.
Session. Will be

1945
02:53:11,18 --> 02:53:15,42
going to close session to discuss would be
the purpose of close session that's the

1946
02:53:15,43 --> 02:53:20,79
discuss specific finances and really to
be able to share with you the sources and

1947
02:53:20,80 --> 02:53:25,68
uses just because some of the
things on it were preferred to.

1948
02:53:27,46 --> 02:53:31,12
We were dealing in a sort of a
little leverage negotiations kind of

1949
02:53:31,13 --> 02:53:35,20
a thing and so. I would
prefer not to negotiate in

1950
02:53:35,21 --> 02:53:40,26
a public forum if I if
I can't. It puts us at

1951
02:53:40,27 --> 02:53:46,67
a disadvantage. In trying.
To be very. Fruitful with.

1952
02:53:48,62 --> 02:53:52,43
The public's money when any notification
requirements for us to be able going to go

1953
02:53:52,44 --> 02:53:55,68
in session yes that it
was probably notified.

1954
02:54:02,16 --> 02:54:02,44
Is there

1955
02:54:02,45 --> 02:54:10,55
a motion. Second movement second in
command Kirklees called the roll. Ottoman

1956
02:54:10,56 --> 02:54:16,22
Bossley all McKenna they all the mic
Conway all the woman across the aisle them

1957
02:54:16,23 --> 02:54:23,12
anymore all the woman day this.
Ottoman French. Ottoman Carter.

1958
02:54:25,39 --> 02:54:31,69
Ottoman culture. Ottoman Spencer
right out of them and green I

1959
02:54:32,38 --> 02:54:39,35
famine Rody I seven I vote OK I'm supposed
to read this now the Housing Urban

1960
02:54:39,36 --> 02:54:42,73
Development Committee shall convene a
closed session under the provisions

1961
02:54:42,74 --> 02:54:49,57
a section six one zero point zero two one
one of the revised statute the state of

1962
02:54:49,58 --> 02:54:53,80
Missouri for the purpose of the sky
sing with legal counsel to the Board of

1963
02:54:53,81 --> 02:54:59,06
Aldermen matters related to legal actions
causes of actions and litigation vowing

1964
02:54:59,22 --> 02:55:03,40
portable cities will settle to get the right
think it should be real estate I think

1965
02:55:03,41 --> 02:55:09,100
is realistic. But isn't really at this
point will ask that the cameras see and.

1966
02:55:11,01 --> 02:55:17,31
I'm not sure I guess. That employees I
guess those representing other branches of

1967
02:55:17,32 --> 02:55:22,50
government are welcome to stay but
any. General popular public our.

1968
02:55:24,27 --> 02:55:30,78
Media are requested to
leave it to snow. You

1969
02:55:31,21 --> 02:55:31,37
have

1970
02:55:31,38 --> 02:55:40,48
a form on Friday you want to start it
thirty instead of. Two issues now. OK

1971
02:55:40,61 --> 02:55:47,02
Yes. Yeah you're calling.

1972
02:55:53,71 --> 02:55:59,70
All right and that's. I guess that's.

1973
02:56:01,98 --> 02:56:08,46
Right. Thank you. Lynn.